Vantage Drilling Co.

Description

Vantage Drilling International announced that it proposes to offer $300 million in aggregate principal amount of senior secured first lien notes due 2023 in a private placement.

The company plans to use the proceeds of this offering to repay all of its obligations under, and to terminate, its existing first lien credit agreement, to redeem all of its outstanding 10% senior secured second lien notes due 2020, to fund the remaining amounts to be paid by it in connection with the purchase of a new jack-up rig, and to pay fees and expenses related to the foregoing and to the offering of the notes. Any remaining portion of proceeds of the offering will be used for general corporate purposes. The notes will be guaranteed on a joint and several basis by the company’s direct and indirect subsidiaries and will be secured by a first priority lien on substantially all of the assets of the company and its subsidiaries, in each case subject to certain exceptions.

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Estimated Price
$300.0MM
Financing Type
Report Date