Vantage Energy to repay Vantage I & II term loans via stock offering

By Tali Rackner

Norfolk, Va., July 7 – Vantage Energy Inc. plans to use the proceeds from a common stock offering to repay and retire the Vantage I second-lien term loan and the Vantage II second-lien term loan, according to an S-1 filing with the Securities and Exchange Commission.

The $200 million Vantage I second-lien term loan matures Dec. 20, 2018 and bears interest at a variable rate, which was 8.5% per annum at March 31. On May 8, Vantage Energy entered into the $100 million Vantage II second-lien term loan, which matures on May 8, 2017 and bears interest at a variable rate equal to Libor plus 750 basis points.

The remaining net proceeds will be used to repay the outstanding borrowings under the company’s combined revolving credit facility and for general corporate purposes, including to fund a portion of its development program.

As of April 30, there were no outstanding borrowings under the Vantage I revolving credit facility, which matures on July 19, 2015, and there was $25 million of outstanding borrowings outstanding under the Vantage II revolving credit facility, which matures on Nov. 8, 2016. Both revolvers bear interest at a variable rate, which was 2.91% per annum at March 31.

Vantage Energy is an Englewood, Colo.-based oil and gas exploration company in the Barnett and Marcellus shales.

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