Vantage Drilling firms discount on $350 million term loan B at 98½

By Sara Rosenberg

New York, March 22 - Vantage Drilling Co. finalized the original issue discount on its $350 million six-year term loan B (B3) at 981/2, the midpoint of the 98 to 99 talk, according to a market source.

Pricing on the loan remained at Libor plus 450 basis points with a 1.25% Libor floor.

The term loan is still non-callable for two years.

Earlier in syndication, the term loan was downsized from $525 million as the company increased its senior secured bond offering to $775 million from $600 million.

Commitments were due by 2 p.m. ET on Friday.

The company's $550 million credit facility also includes a $200 million amended and restated revolving credit facility due April 25, 2017 that is priced at Libor plus 350 bps.

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 term loan. Royal Bank of Canada is the administrative agent on the revolver.

Proceeds from the term loan and notes will be used refinance existing 11½% senior secured notes due 2015.

Vantage Drilling is a Houston-based offshore drilling contractor.

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