VTGDF Vantage Drilling Company (CE)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): November 2, 2015

 

 

Vantage Drilling Company

(Exact name of registrant as specified in its charter)

 

 

 

Cayman Islands		1-34094		N/A
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

777 Post Oak Boulevard, Suite 800

Houston, TX 77056

(Address of principal executive offices) (Zip Code)

(281) 404-4700

(Registrant’s telephone number, including area code)

(Not applicable)

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Vantage Drilling Company (“Vantage”) is currently in discussions with members of an informal group of senior secured term loan lenders and secured noteholders, representing more than $1.5 billion of Vantage’s secured debt, on terms of a deleveraging transaction. In connection with these discussions, Vantage has not made a $40.8 million interest payment due on November 2, 2015 with respect to its 7.5% Senior Secured First Lien Notes due 2019 (the “7.5% Senior Notes”) and the related Indenture, dated as of October 25, 2012, as amended and supplemented (the “Indenture”). Vantage has elected to utilize the grace period under the 7.5% Senior Notes. This interest payment grace period expires on December 2, 2015. No agreement regarding a deleveraging transaction has been entered into at this time, and no assurances can be given that Vantage’s efforts will result in any such agreement.

Failure to make the interest payment prior to the expiration of the applicable grace period constitutes an “Event of Default” under the Indenture. If such Event of Default continues, the Trustee under the Indenture or the holders of at least 25% in aggregate principal amount of the then outstanding notes may declare all the notes to be due and payable immediately.

Item 8.01 Other Events

On November 2, 2015, Vantage has issued a press release regarding the above matters. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

Exhibit Number		Description of Exhibit
99.1		Press Release dated November 2, 2015.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 2, 2015

VANTAGE DRILLING COMPANY

 

/S/ DOUGLAS G. SMITH

Douglas G. Smith Chief Financial Officer and Treasurer

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INDEX TO EXHIBITS

 

Exhibit Number		Description of Exhibit
99.1		Press Release dated November 2, 2015.

Exhibit 99.1

SOURCE: Vantage Drilling Company

November 2, 2015

Vantage Drilling In Discussions with Secured Lenders and Secured Noteholders Regarding Deleveraging Transaction Terms

HOUSTON, TX - Vantage Drilling Company, together with its subsidiaries and affiliates (collectively, “Vantage” or the “Company”) (OTC: VTGDF), announced today that it is in discussions with members of an informal group of senior secured term loan lenders and secured noteholders, representing more than $1.5 billion of the Company’s secured debt, on the terms of a deleveraging transaction. The specific terms under discussion remain subject to non-disclosure agreements among the Company and the secured lender group’s members. In connection with these discussions, Vantage has not made a $40.8 million interest payment on its 7.5% senior secured notes and has elected to utilize the grace period under the notes. This interest payment grace period expires on December 2, 2015. No agreement regarding a deleveraging transaction has been entered into at this time, and no assurances can be given that the Company’s efforts will result in any such agreement. The Company emphasized that it continues to maintain ample liquidity to maintain efficient operations world-wide, with more than $200.6 million of available cash on hand.

Vantage, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of three ultra-deepwater drillships, the Platinum Explorer, the Titanium Explorer and the Tungsten Explorer, as well as four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs. Vantage’s primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. Vantage also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned drilling units, Vantage is a provider of offshore contract drilling services globally to major, national and large independent oil and natural gas companies.

The information above includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in the company’s filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

CONTACT INFORMATION

Public & Investor Relations Contact:

Paul A. Bragg

Chairman & Chief Executive Officer

Vantage Drilling Company

(281) 404-4700