By Devika Patel
Knoxville, Tenn., Dec. 24 - Vantage Drilling Co. has negotiated a $10 million convertible loan with F3 Capital, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The loan will bear interest at 7% and is due Feb. 16, 2009.
F3 Capital may convert the loan into ordinary shares at a price equal to the higher of $0.80 or the average closing price of the company's ordinary shares for the five trading days preceding the conversion.
Vantage Drilling is based in Houston.
| Issuer: | Vantage Drilling Co.
|
| Issue: | Convertible loan
|
| Amount: | $10 million
|
| Maturity: | Feb. 16, 2009
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | The higher of $0.80 or the average closing price of the company's ordinary shares for the five trading days preceding the conversion
|
| Warrants: | No
|
| Investor: | F3 Capital
|
| Pricing date: | Dec. 24
|
| Stock symbol: | Amex: VTG
|
| Stock price: | $1.17 at close Dec. 24
|
| Market capitalization: | $88.6 million
|
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