Vantage Drilling issues conditional redemption for 10% notes due 2020

Chicago, Nov. 14 – Vantage Drilling International announced the conditional redemption of its $76,125,000 of its outstanding 10% senior secured second lien notes due 2020.

The notes will be repaid at par plus accrued interest up to but excluding the redemption date.

Vantage will redeem the notes on Dec. 14 or later if the financing condition has not been met. However the redemption will be no later than 60 days from the date of the redemption notice.

Completion of the redemption is subject to a financing condition that requires the offering of new securities. Vantage announced on Wednesday that it will offer $300 million of senior secured first lien notes due 2023.

Houston-based Vantage Drilling International is an offshore drilling contractor, primarily providing drilling equipment, related equipment and work crews on a dayrate basis to oil and natural gas companies.

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