Vantage Drilling Company (VTG) Prices 48M Shares At $1.55 Per Share
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Vantage Drilling Company (NYSE: VTG) announced that it has priced its public offering of 48,387,000 of its ordinary shares at a price to the public of $1.55 per share. Vantage has also granted the underwriters an option exercisable for a period of 30 days to purchase up to an additional 7,258,050 ordinary shares to cover over-allotments, if any.
The closing of the offering is expected to occur on or about September 1, 2009, subject to customary closing conditions. Assuming no exercise of the underwriters' over-allotment option, Vantage expects to receive gross proceeds of approximately $75.0 million. Vantage intends to use proceeds from this offering, as well as the proceeds from the recently announced debt financing for its Aquamarine Driller, to finance the final construction payment for the Aquamarine Driller, and to use the remainder for general corporate purposes and working capital.
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