Seadrill expected to price $75 million tap of 8 3/8% secured notes due 2030 in Tuesday drive-by

By Paul A. Harris

Portland, Ore., July 25 – Seadrill Ltd. plans to price a $75 million add-on to the Seadrill Finance Ltd. 8 3/8% senior secured second-lien notes due Aug. 1, 2030 in a Tuesday drive-by, according to market sources.

Early price talk has the tap coming at par.

The Rule 144A and Regulation S notes have an initial call on Aug. 1, 2026 at 104.186.

JPMorgan, Citigroup, Deutsche Bank and DNB are the joint bookrunners.

The Hamilton, Bermuda-listed offshore drilling contractor plans to use the proceeds for general corporate purposes.

The original $500 million issue priced less than two weeks ago, on July 13.

The add-on notes will become fungible with the original notes.

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