By Paul A. Harris
Portland, Ore., Nov. 15 – Vantage Drilling International priced an upsized $350 million issue of five-year senior secured first-lien notes (Caa1/B) at par to yield 9¼% on Thursday, according to market sources.
The issue size was increased from $300 million
The yield printed at the tight end of the 9¼% to 9½% yield talk, which was also initial talk, a trader said.
Timing of the deal as accelerated. It was scheduled to roadshow through Thursday, and price Friday.
Shortly after the deal priced, the new Vantage Drilling 9¼% first-lien notes were par ¼ bid, 101 offered at the dealer, according to an investor.
Credit Suisse Securities (USA) LLC was the left bookrunner. Clarksons Platou and Pareto Securities were joint bookrunners.
The Houston-based offshore drilling contractor plans to use the proceeds to repay its first- and second-lien debt and to fund the acquisition of the Soehanah jackup oil rig.
| Issuer: | Vantage Drilling International
|
| Amount: | $350 million, increased from $300 million
|
| Maturity: | Nov. 15, 2023
|
| Securities: | Senior secured first-lien notes
|
| Left bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | Clarksons Platou, Pareto Securities
|
| Co-managers: | BofA Merrill Lynch, DNB
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 630 bps
|
| Call protection: | 1.5 years
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9¼% to 9½%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
