Holders reselling Vantage Drilling stapled units, ordinary shares

By Rebecca Melvin

New York, Sept. 18 – Holders of Vantage Drilling International’s stapled securities and ordinary shares are offering for resale of up to 2,863,768 units of stapled securities, which includes the same amount of ordinary shares and 1%/12% step-up senior secured third-lien convertible notes due 2030, and 655,094 ordinary shares, according to a 424B3 filing with the Securities and Exchange Commission.

Originally issued Feb. 10, 2016, each stapled security initially represented one share and original issuance of $172.61 million of the 2030 convertibles.

As per the indenture, interest on the notes accrues at a rate of 1% per year until 2020, and then steps up to 12% through the maturity date of the notes.

The notes are mandatorily convertible, in whole or in part, into shares upon the occurrence of certain events.

Vantage said it is not selling the securities, and will not receive any proceeds from the sale.

The holders may sell the securities directly to investors or use agents, underwriters or dealers, according to the prospectus filed with the SEC.

The stapled securities are quoted under the symbol VTGGF on the Over-the-Counter Bulletin Board and the Over-the-Counter Pink.

Houston-based Vantage is an offshore drilling company.

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