Vantage Drilling to sell $1.15 billion seven-year first-lien notes

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Oct. 15 - Offshore Group Investment Ltd., the indirect parent of Vantage Drilling, plans to price a $1.15 billion issue of seven-year senior secured first-lien notes on Tuesday, according to an informed source.

Citigroup Global Markets Inc. is the left bookrunner.

Jefferies & Co., RBC Capital Markets and Deutsche Bank Securities Inc. are the joint bookrunners for the Rule 144A with registration rights deal.

The notes will be non-callable for three years and carry a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to tender for the company's existing $2 billion of 11½% senior secured notes due 2015 and to fund growth capital expenditures.

Vantage Drilling is a Houston-based energy drilling company.

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