Key Developments: Vantage Drilling Co (VTG.A)

VTG.A on American Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Vantage Drilling Co gives Q4 2014 earnings guidance below analysts' estimates - Conference Call
Friday, 31 Oct 2014 10:00am EDT 

Vantage Drilling Co:Projects EBIDTA for Q4 2014 of $93 million to $100 million.Expects Q4 2014 profit range of $4 million to $10 million, or $0.01 to $0.03 per basic share.Q4 2014 EBITDA of $114 million and EPS of $0.07 - Thomson Reuters I/B/E/S.  Full Article

Vantage Drilling Co gives Q3 2014 earnings guidance below analysts' estimates - Conference Call
Tuesday, 5 Aug 2014 11:00am EDT 

Vantage Drilling Co:Expects Q3 2014 EBITDA of $90 million to $105 million.Expects Q3 2014 profit range of about breakeven to $10 million, or $0.00 to $0.03 per share.Q3 2014 EBITDA of $115 million and EPS of $0.07 - Thomson Reuters I/B/E/S.  Full Article

Vantage Drilling Co gives Q2 2014 guidance in line with analysts' estimates - Conference Call
Tuesday, 6 May 2014 12:00pm EDT 

Vantage Drilling Co:Expects Q2 2014 EBITDA of $106 million to $124 million.Expects Q2 2014 profit range of about $14 million to $24 million or $0.05 to $0.08 per basic share or $0.05 to $0.07 per diluted share.Q2 2014 EBITDA of $106 million and EPS of $0.05 - Thomson Reuters I/B/E/S.  Full Article

Vantage Drilling Co gives Q1 2014 earnings guidance in line with analysts' estimates - Conference Call
Friday, 28 Feb 2014 11:00am EST 

Vantage Drilling Co:Expects Q1 2014 EBITDA of $112 million to $120 million.Expects Q1 2014 profit range of about $14 million to $23 million or $0.05 to $0.08 per share.Q1 2014 EBITDA of $117 million and EPS of $0.08 - Thomson Reuters I/B/E/S.  Full Article

Vantage Drilling Co Issues Of $100 Million Aggregate Principal Amount Of 5.50% Convertible Senior Notes-Form 8-K
Tuesday, 16 Jul 2013 04:27pm EDT 

Vantage Drilling Co reported in its Form 8-K that on July 16, 2013, Vantage Drilling Company (Vantage), issued $100 million aggregate principal amount of 5.50% Convertible Senior Notes due 2043 under an Indenture and a First Supplemental Indenture entered into with Wells Fargo Bank, National Association, as Trustee. The Notes will mature on July 15, 2043, unless earlier converted, redeemed or repurchased, and bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2014. The Notes are convertible into Vantage’s ordinary shares, cash or a combination of ordinary shares and cash, at Vantage’s election, based upon an initial conversion rate of 418.6289 ordinary shares per $1,000 principal amount of Notes. In addition, for conversions by holders after July 15, 2013 and prior to July 15, 2016, converting holders are entitled to a conversion make whole payment upon conversion. The Notes are subject to redemption by Vantage at its option on or after July 15, 2016 and before July 15, 2018 if the volume weighted average price of Vantage’s ordinary shares is greater than or equal to 150% of the applicable conversion price for at least 20 trading days during any 30 consecutive trading day period ending within five trading days prior to the notice of redemption. In addition, Vantage may redeem the Notes at any time on and after July 15, 2018.  Full Article

Vantage Drilling Co Announces Pricing of Offering of $85 Million of 5.50% Convertible Senior Notes Due 2043
Thursday, 11 Jul 2013 09:48am EDT 

Vantage Drilling Company announced that it has priced an offering of $85 million aggregate principal amount of 5.50% Convertible Senior Notes due 2043 (the "Notes"). Vantage granted to the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of the Notes on the same terms and conditions. The Notes will mature on July 15, 2043, unless earlier converted, redeemed or repurchased in accordance with the indenture governing the Notes. The Notes will bear interest at a rate of 5.50% and will be payable semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2014. The Notes will be convertible into Vantage's ordinary shares, cash or a combination of ordinary shares and cash, at Vantage's election, based upon an initial conversion rate of 418.6289 ordinary shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $2.39 per ordinary share). In addition, for conversions by holders after July 15, 2013 and prior to July 15, 2016, converting holders will be entitled to a conversion make whole payment upon conversion. The net proceeds from the Offering, if completed, are expected to be used by Vantage to fund the initial payment of $59.5 million under the construction contract for the Cobalt Explorer drillship and the remainder for general corporate purposes.  Full Article

Vantage Drilling Co Proposes Offering of $75 Million of Convertible Senior Notes Due 2043
Wednesday, 10 Jul 2013 04:23pm EDT 

Vantage Drilling Co announced that it proposes to offer $75 million aggregate principal amount of convertible senior notes due 2043, subject to market conditions and other factors. The notes are to be offered and sold only to qualified institutional buyers pursuant to Rule 144A or to persons outside of the United States pursuant to Regulation S of the Securities Act of 1933, as amended. The Company also expects to grant to the initial purchaser an option to purchase up to an additional $15 million aggregate principal amount of the notes on the same terms and conditions. The Company intends to use a portion of the net proceeds from the offering to fund the initial payment of $59.5 million under the construction contract for the Cobalt Explorer drillship and the remainder for general corporate purposes. The notes will be the general senior unsecured obligations of the Company and will accrue interest payable semi-annually in arrears. The notes will be convertible into our ordinary shares, cash or a combination of ordinary shares and cash, at the Company's election. The interest rate, conversion rate, offering price and other terms of the notes will be determined by negotiations among the Company and the initial purchaser of the notes.  Full Article

Vantage Drilling Co Issues FY 2013 EBITDA Guidance-Conference Call
Friday, 10 May 2013 11:00am EDT 

Vantage Drilling Co announced that it project EBITDA for the second quarter of 2013 of $70 million to $80 million.  Full Article

Vantage Drilling Co's Offshore Group Investment Limited Announces Pricing of Offering of $775 Million of 7.125% Senior Secured First Lien Notes Due 2023
Thursday, 21 Mar 2013 02:44pm EDT 

Vantage Drilling Co announced that its wholly-owned subsidiary Offshore Group Investment Limited (the Issuer) has priced an offering (the Offering) of $775 million aggregate principal amount of 7.125% Senior Secured First Lien Notes due 2023 (the Notes). The Notes will be issued at a price equal to 100% of their face value, plus accrued and unpaid interest from March 28, 2013. The Notes will be guaranteed by Vantage and each of the Issuer's existing and future subsidiaries and by certain of Vantage's other subsidiaries, and will be senior secured obligations of the Issuer and the guarantors. The closing of the Offering is expected to occur on or about March 28, 2013, subject to customary closing conditions. The net proceeds from the Offering, if completed, together with the proceeds from the Issuer's proposed $350 million term loan facility (the Term Loan), are expected to be used by the Issuer to pay the total consideration and accrued and unpaid interest on a previously announced tender offer of any and all of the Issuer's existing 11 1/2% Senior Secured First Lien Notes due 2015 (the Tender Offer), for general corporate purposes, and to pay fees and expenses related to the Offering, the Tender Offer, the Term Loan and related transactions. To the extent any 2015 notes are not tendered and purchased pursuant to the Tender Offer, the Issuer intends to redeem any such notes with proceeds of this offering together with proceeds from the Term Loan.  Full Article

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