Vantage Drilling announced today that its wholly-owned subsidiary P2021 Rig Co. has priced an offering of $135.0 million aggregate principal amount of 13 1/2% Senior Secured Notes due 2013. The notes will be issued at a price equal to 97.000% of their face value. The notes will be fully and unconditionally guaranteed on a senior secured basis by Vantage.
The Issuer expects to use the net proceeds from this Offering to fund the remaining construction payment for the Topaz Driller, an ultra-premium jackup rig, and for general corporate purposes. The Issuer expects to close the Offering on December 23, 2009.
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