Vantage Drilling widens discount on $500 million term loan to 98

By Sara Rosenberg

New York, Oct. 17 - Vantage Drilling Co. revised the original issue discount on its $500 million five-year senior secured first-lien term loan B to 98 from 99, according to a market source.

Pricing on the loan remained at Libor plus 500 basis points with a 1.25% Libor floor and 101 soft call protection for one year.

Amortization is $25 million in year one and $50 million in years two, three and four.

Citigroup Global Markets Inc., RBC Capital Markets LLC, Jefferies & Co. and Deutsche Bank Securities Inc. are the lead banks on the deal.

Proceeds will be used to help fund the tender for a portion of the company's 11½% senior secured first-lien notes due 2015 and the final construction payment of the Tungsten Explorer, a new deepwater drillship currently under construction.

Other funds will come from $1.15 billion of senior secured first-lien notes.

Vantage Drilling is a Houston-based energy drilling company.

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