Dallas, Texas 07/17/2013 (Financialstrend) – Last week Vantage Drilling Company (NYSEMKT:VTG) announced that it closed the offer of shares of $100 million aggregate principal amount. Earlier on July 10th the company offered Convertible Senior Notes of $75 Million and on July 12th the company purposed to offer $85 Million of 5.50% Convertible Senior Notes .on July 15 2043. These Convertible Senior Notes will get mature, unless earlier redeemed, converted or repurchased in accordance with the acts related to the Notes. Only qualified institutional buyers are granted by vantage to purchase notes under Rule 144A or Regulation of the Securities Act of 1933 for person outside United States. Initial purchasers of the notes can enjoy a privilege to purchase to an addition of $ 15 million notes principal amount.
The notes will access interest payable in arrears which is payable semi annually. At the Company’s election the notes can be convertible into cash or ordinary shares, combination of ordinary shares and cash. The initial purchaser of the notes and the Company will determine the offering price, conversion rate, interest rate, and other terms of the notes. At the option of holders of the Notes, it can be repurchased by Vantage on July 15, 2016 and on July 15, 2018 for equal cash price to whole of the principal amount.
Shares of Vantage Drilling Company opened at $1.86 per share and currently trading at $1.86 for the day. There had been intraday price movements in the stock within the range of $1.83 as low price to $1.87 as high price. Vantage has 52 week low at $1.43 and 52 week high at $2.06 per share. The company has 302.06 million shares outstanding in the market which gives it a market cap of $561.83 million and there is institutional ownership in the capital at 49% of the stock. Vantage Drilling Company witnessed the trade of 3.47 million shares, while the average level is at 1.91 million shares per day.