Vantage Drilling launches $525 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, March 18 - Vantage Drilling Co. launched a $525 million six-year term loan with a call on Monday with price talk of Libor plus 450 basis points with a 1.25% Libor floor and an original issue discount of 98 to 99, according to a market source.

The term loan is non-callable for two years, the source said.

Citigroup Global Markets Inc., BofA Merrill Lynch, Deutsche Bank Securities Inc., Jefferies Finance LLC and RBC Capital Markets, LLC are the joint lead arrangers on the deal.

Proceeds will be used refinance existing first-lien notes.

Commitments are due on Friday, the source added.

Vantage Drilling is a Houston-based offshore drilling contractor.

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