Vantage Drilling to retire $13.4 million of 7.875% convertible notes

By Tali Rackner

Norfolk, Va., Oct. 3 – Vantage Drilling Co. entered into a purchase agreement to acquire, then retire, $13.4 million of its 7.785% convertible notes at par, according to a press release.

This purchase is being made pursuant to the 2014 debt retirement objectives approved by the board of directors.

Vantage Drilling previously announced that it had a targeted debt retirement goal of $175 million for 2014. As of Thursday, it had already retired or entered into an agreement to purchase a total of roughly $164.9 million of its debt and has $13.4 million of scheduled debt maturities remaining for the year.

Year to date, the debt retirement has consisted of retiring about $82.1 million of term loans, $40 million of 7.125% senior notes, $19.4 million of 7.5% senior notes, $13.4 million of the 7.785% convertibles and $10 million of other debt.

The company said it will continue to use cash flows from operations to opportunistically retire debt.

Vantage Drilling is a Houston-based offshore drilling contractor.

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