Vantage Drilling to sell $135 million notes due 2013 via Jefferies

By Paul A. Harris

St. Louis, Dec. 8 - P2021 Rig Co., a financing unit of Vantage Drilling Co., is marketing a $135 million offering of senior secured notes due 2013 this week in Asia and Europe, according to an informed source.

A U.S. roadshow is scheduled for Dec. 14 to Dec. 17.

Jefferies & Co. has the books for the Rule 144A and Regulation S with registration rights offering. Pareto Securities and Johnson Rice & Co. LLC are the co-managers.

The notes become callable from June 2010 until December 2011 at par, then at six-month intervals at 102, 105, 107, 107, 105, 103 and par.

Proceeds will be used to fund the completion of the acquisition of Topaz Driller.

Vantage is a Houston-based drilling company.

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