By Devika Patel
Knoxville, Tenn., March 9 - Vantage Drilling Co. negotiated a $4 million convertible loan with F3 Capital on March 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The loan will bear interest at 8% per year and will mature on June 30, 2009.
F3 may convert the loan into ordinary shares at a price equal to the closing price of the company's shares on the trading day preceding the conversion date.
Proceeds will be used for general corporate purposes.
The company is based in Houston.
| Issuer: | Vantage Drilling Co.
|
| Issue: | Convertible loan
|
| Amount: | $4 million
|
| Maturity: | June 30, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | Variable
|
| Warrants: | No
|
| Investor: | F3 Capital
|
| Settlement date: | March 3
|
| Stock symbol: | Amex: VTG
|
| Stock price: | $0.97 at close March 3
|
| Market capitalization: | $60.6 million
|
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