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Vantage Drilling marketing $225 million tap of 11½% notes due 2015
By Paul A. Harris
Portland, Ore., May 19 - Offshore Group Investment Ltd. (Vantage Drilling Co.) is in the market with a $225 million add-on to its 11½% senior secured first-lien notes due Aug. 1, 2015, according to a market source.
The deal is seen as possible Friday business, the source added.
Jefferies & Co. has the books.
The notes are callable with a make-whole call at Treasuries plus 50 basis points until Feb. 1, 2013, after which they become callable at 108.625.
Proceeds will be used to purchase all of the equity interests of P2020 Rig Co.
Vantage Drilling is a Houston-based energy drilling company.
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