Vantage Drilling, unit amend revolver to allow convertible issuance

By Marisa Wong

Madison, Wis., Aug. 14 - Vantage Drilling Co. and its wholly owned subsidiary, Offshore Group Investment Ltd., amended their existing secured revolving credit agreement with Royal Bank of Canada, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, completed on Aug. 13, removes Vantage as a borrower under the credit agreement and amends certain covenants to permit the issuance of up to $125 million of debt convertible into shares of Vantage stock.

Proceeds from the convertibles will be used to invest in Vantage's business, the filing said.

This is the first amendment to the credit agreement, which is dated June 21.

Vantage is a Houston-based offshore drilling company.

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