Vantage gets $440 million credit facility

By Sara Rosenberg

New York, June 18 - Vantage Drilling Co. closed on a new $440 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Natixis, BTMU Capital Corp. and Fortis Capital Corp. acted as the lead arrangers and joint bookrunners on the deal that was completed on June 12, with Natixis the agent.

The facility consists of a $320 million term loan comprised of four separate tranches of up to $80 million each, an $80 million top-up term loan comprised of four separate tranches of up to $20 million each, and a $40 million revolver.

Proceeds from the term loan will be used by the Houston-based company to finance the construction of four Jackup Rigs, proceeds from the top-up loan will be used for general corporate purposes, and the revolver will be used for working capital and other corporate purposes.

Pricing on the facility can range from Libor plus 175 basis points to 275 bps depending on the rig status.

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