Dallas, Texas 07/12/2013 (Financialstrend) – On Thursday, Vantage Drilling Company (NYSEMKT:VTG) announced an offer of $85 Million of 5.50% convertible senior notes on July 15 2013. These notes will 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 these senior notes under Rule 144A or Regulation of the Securities Act of 1933 laid out for buyers outside United States.
The notes will provide the investors with interest payable in arrears semi-annually. Upon the company’s shareholders approval, the notes will then be convertible into cash or ordinary shares or 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, they can be repurchased by vantage on July 15, 2016 and on July 15, 2018 for an equivalent cash price to the value of the principal amount.
Vantage Drilling Company (NYSEMKT:VTG) closed at $1.85 on Thursday, recording a decline of 5.13% in its share price for the day. The stock price fluctuated from a low value of $1.75 to a high one of $1.88 per share.
The company currently has a 52-week low of $1.43 and a 52-week high of $2.06 per share. Vantage Drilling Company (NYSEMKT:VTG) currently has 302.06 million outstanding shares in the market with institutional ownership of 49% of its total equity capital. Trading volume amounted to 8.88 million shares on Thursday, with an average one of 1.43 million shares per day.