Published on 12/18/2009 in the Prospect News High Yield Daily.
New Issue: Vantage Drilling sells restructured $135 million 13½% four-year notes to yield 14.655%
By Paul A. Harris
St. Louis, Dec. 18 - P2021 Rig Co., a financing unit of Vantage Drilling Co., priced a restructured $135 million issue of 13½% four-year senior secured notes at 97 to yield 14.655% on Friday, according to an informed source.
Both the coupon and the issue price came on top of talk.
Jefferies & Co. ran the books for the non-rated issue. Pareto Securities and Johnson Rice & Co. LLC were the co-managers.
The initial call premiums were increased (see table below).
Proceeds will be used to fund the completion of the acquisition of Topaz Driller.
Vantage is a Houston-based drilling company.
| Issuer: | P2021 Rig Co. (Vantage Drilling Co.)
|
| Face amount: | $135 million
|
| Proceeds: | $130.95 million
|
| Maturity: | Dec. 15, 2013
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Co-managers: | Pareto Securities, Johnson Rice & Co. LLC
|
| Coupon: | 13½%
|
| Price: | 97.00
|
| Yield: | 14.655%
|
| Call features: | From issue date until June 14, 2010 at 104 (premium increased from par); from June 15, 2010 until Dec. 14, 2010 at 104 (premium increased from 102); from Dec. 15, 2010 until June 14, 2011 at 105; from June 15, 2011 until Dec. 14, 2011 at 107; from Dec. 15, 2011 until June 14, 2012 at 107; from June 15, 2012 until Dec. 14, 2012 at 105; from Dec. 15, 2012 until June 14, 2013 at 103; from June 15, 2013 until Dec. 15, 2013 at par
|
| Amortization: | Principal payments of $10 million to be made beginning June 15, 2011 and every six months thereafter, with the final amortization payment on Dec. 15, 2013.
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 18
|
| Settlement date: | Dec. 23
|
| Rating: | Not rated
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 13½% coupon at 97.00
|
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