Key Developments: Vantage Drilling Co (VTG)
1.98USD
19 Jun 2013
$0.00 (+0.00%)
$1.98
$1.99
$2.02
$1.94
2,660,266
898,432
$2.02
$1.33
Latest Key Developments (Source: Significant Developments)
Vantage Drilling Co Issues FY 2013 EBITDA Guidance-Conference Call
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
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
Vantage Drilling Co Announces Commencement Of Operations For Titanium Explorer
Vantage Drilling Co announced that the ultra-deepwater drillship, Titanium Explorer commenced operations in the U.S. Gulf of Mexico on the morning of December 7th, 2012. The Titanium Explorer is contracted for eight years. Full Article
Vantage Drilling Co Announces Closing Of $1.65 Billion Of Senior Secured Financing By Its Wholly-Owned Subsidiary Offshore Group Investment Limited
Vantage Drilling Co announced that its wholly-owned subsidiary Offshore Group Investment Limited (OGIL), has closed an offering of $1.15 billion aggregate principal amount of 7.5% Senior Secured First Lien Notes due 2019 (the "Notes") and a Term Loan in the aggregate principal amount of $500 million (the "Term Loan") (collectively, the "Financings"). The net proceeds from the Financings will be used by OGIL (i) to pay the total consideration and accrued and unpaid interest on the previously announced tender offer of $1,000,001,000 of OGIL's existing 11 1/2% Senior Secured Notes due 2015 and related consent solicitation (the "Tender Offer and Consent Solicitation"), (ii) for general corporate purposes, including to fund the final construction payment for the Tungsten Explorer drillship pursuant to the construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd., and (iii) to pay fees and expenses related to the Financings, the Tender Offer and Consent Solicitation and related transactions. Full Article
Vantage Drilling Co's Subsidiary Announces Pricing Of $1.65 Billion Of Senior Secured Financing
Vantage Drilling Co announced that its wholly-owned subsidiary, Offshore Group Investment Limited (OGIL), has priced an offering of $1.15 billion aggregate principal amount of 7.5% Senior Secured First Lien Notes due 2019 (the Notes) and a Term Loan in the aggregate principal amount of $500 million (the Term Loan) (collectively, the Financings). The closing of the Financings is expected to occur on or about October 25, 2012, subject to customary closing conditions. In addition, the closing of the offering of the Notes and the Term Loan are conditioned on one another and the closing of the related Tender Offer and Consent Solicitation described below. The net proceeds from the Financings, if completed, are expected to be used by OGIL (i) to pay the total consideration and accrued and unpaid interest on a concurrent tender offer of up to $1,000,001,000 of OGIL's existing 11 1/2% Senior Secured Notes due 2015 and related consent solicitation (the Tender Offer and Consent Solicitation), (ii) for general corporate purposes, including to fund the final construction payment for the Tungsten Explorer drillship pursuant to the construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd., and (iii) to pay fees and expenses related to the Financings, the Tender Offer and Consent Solicitation and related transactions. Full Article
Vantage Drilling Co Announces Extension Of Aquamarine Driller Contract
Vantage Drilling Co announced that the Aquamarine Driller's customer in Malaysia has exercised the first of their one year options, extending the current contract to November 2013. The exercise of the option will keep the Aquamarine Driller working in continuity with current contract and is anticipated to generate an estimated $56 million of revenue over the one year extension period. The Aquamarine Driller's customer retains one additional one year option, at mutually agreeable rates. Full Article
Vantage Drilling Co Announces Pricing of Convertible Notes Offering
Vantage Drilling Co announced that it has entered into an underwriting agreement with respect to an offering of $50 million aggregate principal amount of its 7.875% senior convertible notes due 2042. In addition, the Company has separately agreed to issue an additional $6.5 million aggregate principal amount of the notes to the Company's affiliate, F3 Capital, in exchange for a like portion of an existing promissory note payable by the Company to F3 Capital. The Company expects to use the net proceeds from the cash portion of this offering to fund capital expenditures and working capital needs as well as for general corporate purposes. The Company will not receive any cash proceeds from the direct placement to F3 Capital. The Company expects to close the offerings on August 21, 2012. The Notes will mature on September 1, 2042. The Notes will bear interest at a rate of 7.875% per annum on the principal amount, payable semiannually in arrears on each March 1 and September 1, beginning on March 1, 2013. The Notes will be convertible into our ordinary shares or a combination of cash and our ordinary shares. Lazard Capital Markets LLC acted as the sole underwriter for the cash portion of the offering. Full Article
Vantage Drilling Company Announces Closing of Offering of $775.0 Million of Additional 11 1/2% Senior Secured First Lien Notes Due 2015 by Subsidiary Offshore Group Investment Limited
Vantage Drilling Company announced Closing of Offering of $775.0 Million of Additional 11 1/2% Senior Secured First Lien Notes Due 2015 by Its Subsidiary Offshore Group Investment Limited. The Notes were issued at a price equal to 108% of their face value, plus accrued and unpaid interest from February 1, 2012. The Notes are guaranteed by Vantage and each of the Issuer's existing and future subsidiaries and by certain of Vantage's other subsidiaries, and are senior secured obligations of the Issuer and the guarantors. The Notes were offered as additional notes under the indenture pursuant to which the Issuer previously issued $1.225 billion of 11 1/2% Senior Secured First Lien Notes due 2015. The net proceeds from this offering will be used by the Issuer (a) to purchase from Valencia Drilling Corporation, an affiliate of F3 Capital, the Company's largest shareholder and its affiliate, all of the rights and obligations under the construction contract with Daewoo Shipbuilding and Marine Engineering Co., Ltd. for the construction and delivery of the ultra-deepwater drillship known as the Dragonquest pursuant to a Purchase Agreement dated March 20, 2012 and the purchase of related equipment specified in the Purchase Agreement, (b) to fund the construction payments for the Dragonquest pursuant to the Dragonquest Construction Contract, (c) for general corporate purposes. Full Article
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