Vantage Drilling International: Senior Secured Notes Issuance

(MENAFN- GlobeNewsWire - Nasdaq) Dubai, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Vantage drilling International Ltd. (the "Company") is pleased to announce that it has entered into a purchase agreement for the issuance of $50,000,000 in aggregate principal amount of 9.500% Senior Secured First Lien Notes due 2028 at a 97% issue price. The issuance follows the successful completion of the Vessel Sale announced by the Company in the stock exchange notice on October 31, 2024, from which the Company will use the net proceeds to redeem $184,855,000 aggregate principal amount of the Company's 9.500% Senior Secured First Lien Notes due 2028 at par, plus accrued and unpaid interest. The redemption is expected to be completed on November 29, 2024 (the“redemption date”) and the new issuance is expected to occur in early December 2024.

The newly issued notes are a key part of Vantage's plan to maintain a strong balance sheet and ensure sufficient liquidity until the expected sale of the Tungsten Explorer to the joint venture with TotalEnergies in 2025 ('Tungsten Explorer Vessel Sale'). The Company will repay the notes at par, plus accrued and unpaid interest once the Tungsten Explorer Vessel Sale is completed.

The transaction is part of Vantage's ongoing efforts to optimize its capital structure and enhance its liquidity position, aligning with its long-term growth objectives in the global drilling industry.

Contact Info:

Rafael Blattner
Chief Financial Officer
Vantage Drilling International Ltd.
+971 4 449 34 28

MENAFN31102024004107003653ID1108838717