Vantage Drilling plans $200 million amended and restated revolver

By Sara Rosenberg

New York, March 20 - Vantage Drilling Co. expects to get a $200 million amended and restated revolving credit facility due April 25, 2017 that is priced at Libor plus 350 basis points, according to a market source.

Royal Bank of Canada is the administrative agent on the deal.

The revolver is being done concurrently with a new $525 million six-year term loan and a $600 million senior secured first-lien notes offering.

As previously reported, the term loan launched on Monday with talk of Libor plus 450 bps with a 1.25% Libor floor and an original issue discount of 98 to 99, and is non-callable for two years.

Citigroup Global Markets Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc., Jefferies Finance LLC and RBC Capital Markets, LLC are the joint lead arrangers on the term loan.

Proceeds from the term loan and notes will be used refinance existing 11.5% senior secured notes due 2015.

Commitments for the term loan are due on Friday.

Vantage Drilling is a Houston-based offshore drilling contractor.

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