Vantage Drilling Company Announces Intention to Offer $135 Million Senior Secured Callable Bonds Due 2011
Vantage Drilling Company announced its intention to offer, subject to market and other conditions, approximately $135 million aggregate principal amount of Senior Secured Callable Bonds Due 2011 in a private placement to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended, and outside the United States in accordance with Regulation S under the Securities Act. The interest rate, security package and other terms of the bonds will be determined by negotiations between Vantage and the initial purchasers of the bonds.
Vantage intends to use a substantial portion of the net proceeds from the offering to pay the first installment of the purchase price of the drillship Platinum Explorer under Vantage’s purchase agreement with Mandarin Drilling Company.
