Vantage Drilling Co. (VTG) announced that its wholly-owned subsidiary Offshore Group Investment Limited or the "Issuer" intends to offer $600 million in aggregate principal amount of its Senior Secured First Lien Notes due 2023.
The Notes will be guaranteed by Vantage and each of the Issuer's existing and future subsidiaries and by certain of Vantage's other subsidiaries and will be senior secured obligations of the Issuer and the guarantors.
The Issuer expects to use the net proceeds from this offering, if completed, to pay a portion of the total consideration and accrued and unpaid interest on its previously announced cash tender offer for any or all of its existing 11 1/2% Senior Secured First Lien Notes due 2015.
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