Vantage Drilling meets conditions to redeem all 10% notes due 2020

By Sarah Lizee

Olympia, Wash., Nov. 30 – Vantage Drilling International said that all conditions relating to the planned redemption of its $76,125,000 of outstanding 10% senior secured second-lien notes due 2020 have been met.

All of the outstanding notes will be redeemed on or around Dec. 14, according to an 8-K filing with the Securities and Exchange Commission.

The conditions included a financing condition that required the offering of new securities.

As previously reported, the company priced an upsized $350 million issue of five-year senior secured first-lien notes (Caa1/B) at par to yield 9¼%.

Settlement occurred on Nov. 30.

Houston-based Vantage Drilling International is an offshore drilling contractor, primarily providing drilling equipment, related equipment and work crews on a dayrate basis to oil and natural gas companies.

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