By Paul A. Harris
Portland, Ore., May 20 - Offshore Group Investment Ltd., a subsidiary of Vantage Drilling Co., priced a $225 million add-on to its 11½% senior secured first-lien notes due Aug. 1, 2015 (B3/B-/) at 107 to yield 8.904% on Friday, according to an informed source.
The reoffer price came on top of the price talk.
Jefferies & Co., Inc. was the left bookrunner for the quick-to-market tap. Citigroup Global Markets Inc. was the joint bookrunner.
Proceeds will be used to acquire all of the equity interests of P2020 Rig Co. and Vantage Holdings Malaysia I Co. and for general corporate purposes.
Vantage Drilling is a Houston-based energy drilling company.
The original $1 billion issue priced at 96.361 to yield 12½% in July 2010.
| Issuer: | Offshore Group Investment Ltd. (Vantage Drilling Co.)
|
| Face amount: | $225 million
|
| Proceeds: | $240.75 million
|
| Maturity: | Aug. 1, 2015
|
| Security description: | Fungible add-on to 11½% senior secured first-lien notes due Aug. 1, 2015
|
| Left bookrunner: | Jefferies & Co., Inc.
|
| Joint bookrunner: | Citigroup Global Markets Inc.
|
| Co-manager: | Johnson Rice & Co. LLC
|
| Coupon: | 11½%
|
| Price: | 107
|
| Yield: | 8.904%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Feb. 1, 2013, then callable at 108.625, 105.75, par on and after Aug. 1, 2014
|
| Equity clawback: | 35% at 111.50 until Feb. 1, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | May 20
|
| Settlement date: | June 1 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 107
|
| Marketing: | Quick to market
|
| Original issue: | $1 billion issue priced at 96.361 to yield 12½% in July 2010
|
| Total issue size: | $1.225 billion
|
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