Pacific Drilling Launches Consent Solicitation
September 22 2016 - 6:30AM
Business Wire
Pacific Drilling S.A. (NYSE:PACD) announced today the launch by
its indirect wholly-owned subsidiary, Pacific Drilling V Limited
(the “Company”), of a consent solicitation in respect of the
Company’s 7.250% Senior Secured Notes due 2017 (the “Notes”).
The solicitation requests consent from holders of the Notes to
amend a covenant in the indenture governing the Notes to allow PACD
or certain of its subsidiaries (other than the Company), to incur
indebtedness in an amount calculated with reference to the number
of vessels owned by PACD or any of its subsidiaries (including the
Company), based on a formula prescribed in the indenture governing
the Notes. This amendment aligns this provision with the same
provision in the indenture governing PACD’s existing 5.375% Senior
Secured Notes due 2020.
The proposed amendment would enable PACD to incur additional
indebtedness which is secured on assets other than the collateral
securing the Notes. In effect, the proposed amendment would enable
PACD to draw further indebtedness under its revolving credit
facility that matures in June 2018, which currently is limited by
the secured debt incurrence covenant in the indenture for the
Notes.
The indenture governing the Notes may be amended with the
consent of holders owning at least a majority in aggregate
principal amount of Notes, disregarding Notes owned by the Company
or its affiliates.
The consent solicitation is expected to expire on October 4,
2016, but may be extended by the Company in its sole
discretion.
Any questions or requests for assistance or information from
holders of the Notes may be directed to Global Bondholder Services
Corporation, the Information and Tabulation Agent for the
solicitation, at +1 (866) 470-3800 or +1 (212) 430-3774. The
Solicitation Agent for the consent solicitation is Seaport Global
Securities LLC, which also may provide information to holders of
Notes at +1 (212) 616-7748.
About Pacific Drilling
With its best-in-class drillships and highly experienced team,
Pacific Drilling is committed to becoming the industry’s preferred
ultra-deepwater drilling contractor. Pacific Drilling’s fleet of
seven drillships represents one of the youngest and most
technologically advanced fleets in the world. For more information
about Pacific Drilling, including its current Fleet Status, please
visit www.pacificdrilling.com.
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Pacific DrillingJohn Boots, +352 26 84 57
81Investor@pacificdrilling.com
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