Vantage Drilling unit seeks holder consents to issue more 11½% notes

By Susanna Moon

Chicago, March 22 - Vantage Drilling Co. said its wholly owned subsidiary Offshore Group Investment Ltd. began a solicitation of consents for its 11½% senior secured first-lien notes due 2015.

The company is seeking approval to amend the notes in order to issue up to $775 million principal amount of additional 11½% notes, according to a press release.

Proceeds would be used to purchase from Valencia Drilling Corp., an affiliate of F3 Capital, the company's largest shareholder and an affiliate, all of the rights and obligations under the construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd. for the construction and delivery of the ultra-deepwater drillship known as the Dragonquest.

Proceeds would also be used for general corporate purposes.

The company will pay a consent fee of $10 in cash for each $1,000 in principal amount of notes for which consents are delivered by the offer expiration at 5 p.m. ET on March 30.

Vantage must obtain consents from holders of more than a majority of the notes to amend them.

Jefferies & Co., Inc. (888 708-5831 or collect 203 708-5831) is the solicitation agent, and i-Deal LLC, Inc. (888 593-9546 or banks and brokers 212 849-5000) is the information and tabulation agent.

Vantage Drilling is a Houston-based energy drilling company.

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