Vantage Closes $135MM Offering to Fund Topaz Driller

Vantage announced that its wholly-owned subsidiary P2021 Rig Co. (the "Issuer") has closed its offering of $135.0 million aggregate principal amount of 13 1/2% Senior Secured Notes due 2013. The notes were issued at a price equal to 97.000% of their face value, and are fully and unconditionally guaranteed, on a senior secured basis, by Vantage and any of Vantage's or the Issuer's future restricted subsidiaries. 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.


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