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Vantage Drilling International's High‑Yield First Lien Secured Notes Offering

Cravath represented the initial purchasers, led by Credit Suisse, Clarksons Platou Securities AS and Pareto Securities AS, in connection with the $350 million 144A/Reg. S high‑yield first lien secured notes offering of Vantage Drilling International (“Vantage”), an international offshore drilling company. Proceeds of the offering will be used to repay all of Vantage’s obligations under, and to terminate, its existing first lien credit agreement, to redeem all of its outstanding second lien notes, to finance the remaining amounts due in connection with its acquisition of a jackup rig and for general corporate purposes. The transaction closed on November 30, 2018.

The Cravath team included partner Craig F. Arcella and associates Holden K. Sumner and Caleb B. Rosser. William M. Heisey also worked on this matter.