On March 1, 2023, Vantage Drilling International issued $200 million in aggregate principal amount of 9.500% senior secured first lien notes due 2028 under an indenture dated as of March 1, 2023, among the company, the subsidiary guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee and first lien collateral agent. The notes were sold in reliance on Section 4(a)(2) or Rule 144A under the Securities Act of 1933, as amended or in reliance on Regulation S under the Securities Act. The company has used the proceeds of this offering to repay all of its obligations under and to redeem all of its outstanding 9.250% senior secured first lien notes due 2023 and to pay fees and expenses related to the foregoing and to the offering of the notes.

Any remaining portion of proceeds of the offering will be used for general corporate purposes. The notes will mature on February 15, 2028. The company will pay interest on the notes on February 15 and August 15 of each year, commencing on August 15, 2023.

Interest on the notes will accrue from March 1, 2023, at a rate of 9.500% per annum, and be payable in cash. The notes will be guaranteed on a joint and several basis by the company's current and future direct and indirect subsidiaries, subject to certain exceptions, and will be secured by a first priority lien on substantially all of the assets of the company and such subsidiaries, in each case subject to certain exceptions. The notes are subject to redemption at the option of the company, including upon certain change of control events occurring on or after February 15, 2025, and in certain cases upon the occurrence of certain events, as further described in the Indenture.