On November 30, 2018, Vantage Drilling International (the Company) issued $350 million in aggregate principal amount of 9.250% senior secured first lien notes due 2023 under an indenture dated as of November 30, 2018 (the Indenture), among the Company, the subsidiary guarantors party thereto and U.S. Bank National Association, as trustee and first lien collateral agent. The notes were sold in the United States only to accredited investors pursuant to an exemption from the Securities Act of 1933, as amended (the Securities Act), and subsequently resold to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act. The company plans to use the proceeds of this offering to repay all of its obligations under, and to terminate, its existing first lien credit agreement, to redeem all of its outstanding 10% senior secured second lien notes due 2020, to fund the remaining amounts to be paid by it in connection with the purchase of a new jack-up rig (assuming such transaction is successfully consummated), 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 November 15, 2023. The company will pay interest on the notes on May 15 and November 15 of each year, commencing on May 15, 2019. Interest on the notes will accrue from November 30, 2018, at a rate of 9.250% 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 May 15, 2019, and in certain cases upon the occurrence of certain events, as further described in the Indenture.