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Vantage obtains needed consents for 11½% notes; 79.45% tendered
By Jennifer Chiou
New York, March 28 - Vantage Drilling Co. announced that wholly owned subsidiary Offshore Group Investment Ltd. received tenders for $794,510,000, or about 79.45%, of its $999,999,000 of outstanding 11½% senior secured first-lien notes due 2015 at the early consent deadline.
The tender offer for any and all of the notes began on March 18.
The company took in the necessary consents to amend the note indenture.
Early settlement of the tendered notes is expected to occur concurrently with the closing of Offshore's offering of $775 million of 7 1/8% senior secured first-lien notes due 2023 and its entry into a new $350 million term loan facility. The closings are conditioned on each other.
The tender offer will expire at midnight ET on April 12.
As reported, Offshore plans to redeem all outstanding 11½% notes after the offer at 108.625 on April 29.
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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