Vantage Drilling Company Announces Pricing of Public Offering of Ordinary Shares
July 26 2010 - 6:13PM
Marketwired
Vantage Drilling Company ("Vantage") (NYSE Amex: VTG.U) (NYSE Amex:
VTG) (NYSE Amex: VTG.WS) announced today that it has priced its
public offering of 45,454,545 of its ordinary shares at a price to
the public of $1.10 per share. Vantage has also granted the
underwriters an option exercisable for a period of 30 days to
purchase up to an additional 6,818,182 ordinary shares to cover
over-allotments, if any. Assuming no exercise of the underwriters'
over-allotment option, Vantage expects to receive gross proceeds of
approximately $50.0 million. Concurrently with the pricing of this
offering, Vantage announced that its wholly-owned subsidiary
Offshore Group Investment Limited priced its offering of $1.0
billion in aggregate principal amount of 11.500% Senior Secured
First Lien Notes due 2015 (the "OGIL Notes").
The closing of the offering is expected to occur on or about
July 30, 2010, subject to the closing of the offering of the OGIL
Notes, the closing of Vantage's previously announced acquisition
from F3 Capital of the 55% interest in Mandarin Drilling
Corporation (the owner of the construction contract for the
Platinum Explorer) that Vantage does not own (the "Acquisition"),
and other customary closing conditions. The net proceeds from these
concurrent offerings, if completed, are expected to be used to fund
the Acquisition, to fund the remaining construction payments for
the Platinum Explorer, to refinance certain of its outstanding
indebtedness, including the 13 1/2% Senior Secured Notes issued by
P2021 Rig Co., a wholly-owned subsidiary of Vantage, and its
existing credit facility, and for general corporate purposes.
Jefferies & Company, Inc. and Johnson Rice & Company
L.L.C. are acting as joint book-running managers for the offering.
The offering was made under Vantage's effective shelf registration
statement previously filed with the Securities and Exchange
Commission (the "SEC"). Prospective investors should read the
preliminary prospectus supplement and the shelf registration
statement for more complete information about Vantage and the
offering. Copies of the preliminary prospectus supplement and the
accompanying prospectus and, when available, copies of the final
prospectus supplement will be available on the SEC's website,
www.sec.gov, and by contacting Jefferies & Company, Inc., at
520 Madison Avenue, 12th Floor, Syndicate Middle Office, New York,
NY 10022, Attention: Stephen M. Ficara, or by phone at
212-284-3418, or by contacting Johnson Rice & Company L.L.C.,
at 639 Loyola Avenue, Suite 2775, New Orleans, Louisiana 70113, or
by phone at (504) 525-3767.
This news release does not constitute an offer to sell or
solicitation of an offer to buy any security, nor will there be any
sale of such security in any jurisdiction in which such offer, sale
or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The offering may be made only by means of a prospectus supplement
and related base prospectus.
About the Company Vantage's primary
business is to contract drilling units, related equipment and work
crews primarily on a dayrate basis to drill oil and natural gas
wells. Vantage also provides construction supervision services for,
and will operate and manage, drilling units owned by others.
Through its fleet of nine owned and managed drilling units, Vantage
is a provider of offshore contract drilling services globally to
major, national and large independent oil and natural gas
companies.
Forward-Looking Statements Certain
statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on current expectations, estimates and
projections about Vantage, Vantage's industry, management's beliefs
and certain assumptions made by management. Whenever possible,
Vantage has identified these "forward-looking statements" by words
such as "expects," "believes," "anticipates" and similar phrases.
Readers are cautioned that any such forward-looking statements are
not guarantees of future performance and are subject to certain
risks, uncertainties and assumptions that are difficult to predict.
Because such statements involve risks and uncertainties, the actual
results and performance of Vantage may differ materially from the
results expressed or implied by such forward-looking statements.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. Unless otherwise
required by law, Vantage also disclaims any obligation to update
its view of any such risks or uncertainties or to announce publicly
the result of any revisions to the forward-looking statements made
here.
For further information, contact: Paul A. Bragg Chairman and
Chief Executive Officer (281) 404-4700
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