Vantage Drilling International

Vantage Drilling International said its board of directors authorized and directed the conversion of all of the company’s currently outstanding 1%/12% step-up senior secured third lien convertible notes into ordinary shares of the company. 

In connection with the conversion, the company expects to issue an additional 8,114,984 ordinary shares in respect of the notes, as a result of which the company will have 13,115,037 issued and outstanding ordinary shares. The company expects that all outstanding notes will be converted into ordinary shares of the company on or around December 3, 2019, at which time the notes, and the Company’s stapled securities, would no longer be outstanding.

The notes were issued in 2016, and the current outstanding principal amount thereof is approximately $775.8 million. As of the date hereof, the conversion rate is approximately 0.01046, which equates to one ordinary share per $95.60 principal amount of the notes. Per the terms of the indenture governing the notes, no payment or adjustment will be made for any accrued interest on the notes in connection with the conversion.