14 Feb 2014substantial holder notice● Neutral
Wellington Management Company, LLP reported a Vantage Drilling CO shareholding of 3,713,448 shares (1.22% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2013debt financing▲ GoodMajor
On November 20, 2013 the $500 million October 2012 Citibank term loan was amended and restated, effective November 22, cutting the LIBOR margin from 5.0% to 4.0%, the ABR margin from 4.0% to 3.0% and the LIBOR floor from 1.25% to 1.0%. The principal now stands at $475 million after scheduled repayments; maturity, repayment schedule and the rig collateral are unchanged. This lowers the interest cost on that loan.
7 Nov 2013quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $175.9 million and net income of $6.8 million for the period ended 2013-09-30.
7 Nov 2013quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $175.9 million and net income of $6.8 million for the period ended 2013-09-30.
16 Oct 2013material agreement● Neutral
On October 15, 2013 two more subsidiaries, Vantage Driller ROCO S.R.L. and Vantage Drilling Gabon, were added as guarantors of the 7.5% 2019 notes, the 7.125% 2023 notes, both Citibank term loans and the RBC revolver. This continues the pattern of adding new subsidiaries to the guarantee package (as with Vantage Driller VI Co. in May 2013); no new amounts are given.
9 Aug 2013quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $170.6 million and net income of $4.2 million for the period ended 2013-06-30.
9 Aug 2013quarterly activities report● Neutral
Vantage Drilling CO reported quarterly revenue of $170.6 million and net income of $4.2 million for the period ended 2013-06-30.
26 July 2013securities registration● Neutral
Vantage Drilling CO filed the final prospectus for a registered offering.
16 July 2013debt financing● NeutralMajor
On July 16, 2013 Vantage closed a $100 million offering of 5.50% convertible senior notes due 2043, convertible at about $2.39 per share (418.6289 shares per $1,000), with holders able to require repurchase on July 15, 2016 and 2018. Proceeds are to fund the initial $59.5 million payment under the construction contract for the Cobalt Explorer drillship, with the rest for general corporate purposes. The notes are unsecured and rank equally with the 7.875% 2042 convertibles; conversion could add shares for existing holders.
28 June 2013business combination● Neutral
OGIL filed Amendment No. 1 on June 28, 2013 to its registration statement for exchanging the $775 million 7.125% notes due 2023 for registered notes. The visible cover terms are unchanged, the expiry date is still blank and it is not yet effective; Vantage Driller VI Co is now listed as an additional co-registrant. This continues the exchange-offer thread opened April 30, 2013 (the document is truncated, so other changes are not seen).
24 May 2013material agreement● Neutral
On May 22, 2013 a new subsidiary, Vantage Driller VI Co, was added as a guarantor of the 7.5% 2019 notes, the 7.125% 2023 notes, both Citibank term loans (October 2012 and March 2013) and the RBC revolver, and was joined to the March 2013 registration rights agreement. This extends the guarantee package to one more subsidiary, as was done for the Indonesian subsidiary in December 2012; the filing gives no new amounts.
20 May 2013quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $147.0 million and a net loss of $123.2 million for the period ended 2013-03-31.
10 May 2013quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $147.0 million and a net loss of $123.2 million for the period ended 2013-03-31.
1 May 2013business combination● Neutral
OGIL filed a registration statement on April 30, 2013 to exchange the $775 million 7.125% notes due 2023 for identical registered notes, as the March 2013 registration rights agreement requires. Terms are the same apart from dropped transfer restrictions and registration-rights provisions; the expiry date is blank and it is not yet effective. This opens another exchange-offer thread alongside the 2019 notes exchange; PT. Vantage Drilling Company Indonesia is among the co-registrants.
3 Apr 2013securities registration● Neutral
Vantage Drilling CO filed the final prospectus for a registered offering.
3 Apr 2013debt financing● NeutralMajor
On March 28, 2013 OGIL issued $775 million of 7.125% senior secured notes due 2023 and entered a $350 million second Citibank term loan (issued at 98.50%, LIBOR plus 4.50% with a 1.25% floor, due on the sixth anniversary of closing). Proceeds are to pay for the March 21, 2013 tender offer for the 11 1/2% 2015 notes, general corporate purposes and fees. Holders who tendered consented to remove most restrictive covenants from the 2015 indenture, and the RBC revolver was restated to raise commitments to $200 million, extend maturity, add a letter-of-credit tranche and make Vantage itself a borrower. This continues the refinancing of the 2015 notes begun in October 2012, adding new secured debt on the same rig collateral (Tungsten Explorer on delivery). The Item 1.02 discharge of the 2015 indenture is cut off in the text, so its extent is not seen.
18 Mar 2013business combination● Neutral
OGIL filed Amendment No. 3 to the registration statement for exchanging the $1.15 billion 7.5% notes due 2019 for registered notes. The visible cover terms are unchanged from earlier amendments: the expiry date is blank and the statement is not yet effective. This is a further step in the same exchange-offer process (the document is truncated, so any other changes are not seen).
27 Feb 2013business combination● Neutral
OGIL filed Amendment No. 2 to the registration statement for exchanging the $1.15 billion 7.5% notes due 2019 for registered notes. The offer terms and co-registrants shown are the same as in Amendment No. 1, and the expiry date is still blank and the registration statement not yet effective. The visible text shows no change in substance (the document is truncated, so any other changes are not seen).
19 Feb 2013quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $123.0 million and a net loss of $133.6 million for the period ended 2012-12-31.
14 Feb 2013substantial holder notice● Neutral
Wellington Management Company, LLP reported a Vantage Drilling CO shareholding of 16,383,107 shares (5.57% of votes) in a periodic institutional filing.
18 Jan 2013business combination● Neutral
OGIL filed Amendment No. 1 to its registration statement for the exchange of the $1.15 billion 7.5% senior secured notes due 2019 for identical registered notes. The terms are unchanged (only transfer restrictions and registration-rights provisions drop away), the expiry date is still blank, and it is not yet effective. PT. Vantage Drilling Company Indonesia is now listed as a co-registrant. This continues the exchange-offer thread from November 21, 2012.
13 Dec 2012capital raising announcement● NeutralMajor
On December 10, 2012 Vantage issued 5,000,000 ordinary shares to Tomdrill Corp., its agent on the Titanium Explorer contract, in exchange for cutting the cash otherwise payable to its agents over the eight-year drilling contract by about $10 million. The shares became issuable when the client accepted the Titanium Explorer for commencement of operations on December 7, 2012. That resolves the open thread on the Titanium Explorer starting operations; existing shareholders are diluted by 5,000,000 shares.
6 Dec 2012material agreement● Neutral
On December 3, 2012 a new subsidiary, PT. Vantage Drilling Company Indonesia, was added as a guarantor of the 2015 notes, the October 2012 7.5% 2019 notes, the $500 million Citibank term loan and the RBC revolver. The 2015 indenture also had certain timing requirements for required deliveries clarified. This continues the October refinancing by extending the guarantee package to one more subsidiary; the filing gives no new amounts.
21 Nov 2012business combination● Neutral
OGIL filed a registration statement on November 21, 2012 to exchange the $1.15 billion of 7.5% notes due 2019 for identical registered notes, as required by the registration rights agreement from the October refinancing. Terms are the same except transfer restrictions and registration-rights provisions drop away; the expiry date is blank and it is not yet effective. It adds another exchange-offer thread.
9 Nov 2012quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $111.5 million and a net loss of $538 thousand for the period ended 2012-09-30.
9 Nov 2012quarterly activities report▼ Bad
Vantage Drilling CO reported quarterly revenue of $111.5 million and a net loss of $538 thousand for the period ended 2012-09-30.
29 Oct 2012debt financing▲ GoodMajor
On October 25, 2012 OGIL issued $1.15 billion of 7.5% senior secured notes due 2019 and entered a $500 million Citibank term loan (issued at 98%, LIBOR plus 5%, 1.25% floor, maturing 2017). Proceeds are to pay for a tender offer for the $1,000,001,000 of 2015 notes, fund the final Tungsten Explorer construction payment, and cover fees. This refinances the original $1.0 billion 2015 notes and pushes maturities out; Tungsten Explorer is added as collateral on delivery. The RBC revolver was amended again to permit this, and the 2015 indenture was amended to add Tungsten Explorer Company and Vantage Delaware Holdings, LLC as guarantors.
23 Aug 2012debt financing● NeutralMajor
On August 21, 2012 Vantage issued $56.5 million of 7.875% Senior Convertible Notes due September 1, 2042 (larger than the $50 million first announced), unsecured and not guaranteed by subsidiaries. They convert into ordinary shares at about $2.10 per share (476.1905 shares per $1,000), and holders can require repurchase on Sept 1, 2015 and 2017. Conversion would add shares for existing holders (inference).
17 Aug 2012material agreement● NeutralMajor
On August 14, 2012 Vantage signed an underwriting agreement with Lazard Capital Markets to sell $50 million of 7.875% Convertible Senior Notes due 2042 under its existing shelf registration, expected to close August 21. Proceeds are to fund capital expenditures, working capital and general corporate purposes. This is the first use of the convertible debt permission from the revolver amendment; conversion into shares could dilute shareholders (inference).
15 Aug 2012securities registration● Neutral
Vantage Drilling CO filed a prospectus supplement for an offering off its existing shelf.