Vantage unit begins tender offer, solicits consents for 11½% notes

By Marisa Wong

Madison, Wis., March 19 - Vantage Drilling Co. announced that wholly owned subsidiary Offshore Group Investment Ltd. began a tender offer for any and all of its $999,999,000 outstanding 11½% senior secured first-lien notes due 2015.

The offer began on March 18 and will expire at midnight ET on April 12.

Offshore is also soliciting consents from holders of more than a majority in principal amount of the notes to amend the indenture governing the notes.

Specifically, the company is seeking to eliminate or modify substantially all restrictive covenants, some events of default and other provisions in the indenture as part of a refinancing of the notes.

Holders who tender their notes and deliver consents to the proposed amendments by 5 p.m. ET on March 27, the consent payment date, will receive the total consideration of $1,091.25 for each $1,000 principal amount of notes. The total consideration includes a $30.00 consent fee.

Holders who tender after the consent payment date but before the expiration date will receive only the tender offer consideration of $1,061.25 per $1,000 of notes.

Tenders may not be revoked after the consent payment deadline.

The tender offer and consent solicitation are subject to a financing condition.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager, and Global Bondholder Services Corp. (212 430-3774 for bankers and brokers or 866 389-1500) is the depository and information agent.

Vantage is a Houston-based offshore drilling contractor.

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