Vantage greenshoe exercised, lifts 5.5% convertibles to $100 million

By Tali David

Minneapolis, July 16 - Vantage Drilling Co. said the over-allotment option on its offering of 5.5% convertible senior notes due 2043 was exercised in full, increasing the offering by $15 million, according to a press rleease.

As previously reported, the company priced and upsized $85 million of the 30-year convertibles on July 11.

The deal was sold on an overnight basis by Jefferies & Co.

A portion of proceeds will be used to fund the initial payment of $59.5 million under a construction contract for the Cobalt Explorer drillship, with the remainder for general corporate purposes.

Houston-based Vantage is an offshore drilling company.

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