Vantage to refinance 13½% notes with proceeds from notes, stock issues

By Susanna Moon

Chicago, July 19 - Vantage Drilling Co. said it plans to refinance the 13½% senior secured notes issued by subsidiary P2021 Rig. Co. using proceeds from a notes issue and a public offering of common stock.

Vantage said its wholly owned subsidiary Offshore Group Investment Ltd. plans to sell $960 million principal amount of senior secured notes due 2015, which will be fully and unconditionally guaranteed on a senior secured basis by Vantage.

The completion of the stock offering is conditioned on the concurrent closing of Vantage's acquisition of the remaining 55% interest in Mandarin Drilling Corp. that it does not own from F3 Capital, according to a company press release.

Vantage is a Houston-based drilling company.

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