Business Wire

Pacific Drilling Announces Offering of $700 Million Aggregate Principal Amount of Senior Secured Notes

Jaa

Pacific Drilling S.A. (OTC: PACDQ) (“Pacific Drilling” or the “Company”) today announced that a special purpose wholly owned subsidiary (the “Escrow Issuer”) of the Company intends to offer $700 million aggregate principal amount of senior secured first lien notes that mature five years following their issuance, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).

The notes are being offered in connection with the restructuring of Pacific Drilling as part of the First Amended Joint Plan of Reorganization filed with the U.S. Bankruptcy Court for the Southern District of New York on August 31, 2018 (the “Plan”). The net proceeds of the offering will be funded into an escrow account (the “Escrow Account”) established and maintained by the Escrow Issuer. If Pacific Drilling’s proposed Plan is confirmed and certain other conditions are satisfied on or before December 22, 2018 (the date on which such conditions are satisfied, the “Escrow Release Date”), the Escrow Issuer will merge with and into Pacific Drilling and Pacific Drilling will become the obligor under the notes. On the Escrow Release Date, the notes will be jointly and severally and fully and unconditionally guaranteed on a senior secured basis by each of Pacific Drilling’s restricted subsidiaries (subject to certain exceptions) and will be secured on a first-priority basis by substantially all of Pacific Drilling’s assets (subject to certain exceptions). Prior to the Escrow Release Date, the notes will be general obligations of the Escrow Issuer, secured only by a lien on the Escrow Account. On the Escrow Release Date, the net proceeds from the offering will be released from the Escrow Account to fund a portion of the payments to creditors provided for under the Plan.

The notes and related guarantees will be offered only to qualified institutional buyers under Rule 144A of the Securities Act, and to non-U.S. persons in transactions outside the United States under Regulation S of the Securities Act. The notes have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, deepwater drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has its principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Forward-Looking Statements

Certain statements and information contained in this news release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “predict,” “project,” “potential,” “projected,” “should,” “will,” “would,” or other similar words, which are generally not historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Our forward-looking statements express our current expectations or forecasts of possible future results or events, including our future financial and operational performance and cash balances; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; contract dayrates; our business strategies and plans and objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; the potential impact of our Chapter 11 proceedings on our future operations and ability to finance our business; our ability to complete the restructuring transactions contemplated by our plan of reorganization; projected costs and expenses in connection with our plan of reorganization; and our ability to emerge from our Chapter 11 proceedings and continue as a going concern.

Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect. There can be no assurances that the above-described transactions will be consummated on the terms described above or at all.

Important factors that could cause actual results to differ materially from our expectations include: our ability to consummate the notes offering described herein and other financing transactions contemplated by the Plan on terms that will permit us to meet our objectives; the global oil and gas market and its impact on demand for our services; the offshore drilling market, including reduced capital expenditures by our clients; changes in worldwide oil and gas supply and demand; rig availability and supply and demand for high specification drillships and other drilling rigs competing with our fleet; costs related to stacking of rigs; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that we receive for our drillships; our substantial level of indebtedness; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; our ability to execute our business plan and continue as a going concern in the long term; our ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in our Chapter 11 proceedings, including maintaining strategic control as debtor in-possession; our ability to confirm and consummate our plan of reorganization in accordance with the terms of the Plan and the settlement; risks attendant to the bankruptcy process including the effects of our Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, clients, suppliers, banks and other financing sources, insurance companies and other third parties; the effects of our Chapter 11 proceedings on our Company and on the interests of various constituents, including holders of our common shares and debt instruments; the potential adverse effects of our Chapter 11 proceedings on our liquidity, results of operations, or business prospects; the outcome of Bankruptcy Court rulings in our Chapter 11 proceedings as well as all other pending litigation and arbitration matters; the length of time that we will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the proceedings; our ability to access adequate debtor-in-possession financing or use cash collateral; risks associated with third-party motions in our Chapter 11 proceedings, which may interfere with our ability to timely confirm and consummate our plan of reorganization and restructuring generally; increased advisory costs including administrative and legal costs to complete our plan of reorganization and other litigation; the risk that our plan of reorganization may not be accepted or confirmed, in which case there can be no assurance that our Chapter 11 proceedings will continue rather than be converted to Chapter 7 liquidation cases or that any alternative plan of reorganization would be on terms as favorable to holders of claims and interests as the terms of our Plan; the cost, availability and access to capital and financial markets, including the ability to secure new financing after emerging from our Chapter 11 proceedings; and the other risk factors described in our 2017 Annual Report on Form 20-F and our Current Reports on Form 6-K available on the SEC’s website at www.sec.gov.

Contact information

Pacific Drilling S.A.
Investor Contact:
Johannes (John) P. Boots, +713 334 6662
Investor@pacificdrilling.com
or
Media Contact:
Amy L. Roddy, +713 334 6662
Media@pacificdrilling.com

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

GSMA Welcomes Germany’s 5G Spectrum Award, but Cautions against Unnecessary Conditions15.11.2018 11:00Tiedote

The GSMA today welcomed the German government’s decision to release the entire 3.4 to 3.8 GHz band (C-Band), essential for the future development of 5G services globally. Making available all of the spectrum in this critical band for 5G, in a timely manner, shows Germany’s commitment to European and global 5G leadership. However, the GSMA warns that some of the currently proposed conditions on the allocation of these vital frequencies may slow Germany’s 5G future. Ultra-fast 5G networks will form the foundation of the world’s digital economy, supporting a wide variety of industry sectors. Imposing unnecessary conditions that limit mobile operators’ ability and potential to deliver 5G creates a risk for all, industries and citizens alike. “The C-Band is the most vital frequency band for 5G. Germany is demonstrating 5G leadership in the timely release of this vital spectrum, but risks undercutting its 5G future with unnecessary obligations,” said Mats Granryd, Director General, GSMA. “Sp

Entersekt Sets Sights on the Nordics15.11.2018 11:00Tiedote

Entersekt, an innovator in mobile-first fintech solutions, today announced its entry into the competitive Nordic market. The identity and payments enablement provider serves banks and other enterprises operating in 45 countries. Entersekt’s interest in Scandinavia derives from its openness to digital banking and payments innovation. Digitization may be transforming business in every corner of the world, but few regions have experienced the wholesale change in consumer payments behaviour that the Nordics have. While governments, central banks, and the banking industry as a whole have pushed a cashless agenda for several years now, many point to Nordic consumers’ enthusiastic adoption of cashless transacting as the true driver behind the boom in digital payments. Consumers in the region have never been hidebound to payments innovation, as smart card penetration rates demonstrated years ago. Payments-ready smartphones are, of course, everywhere and the retail NFC infrastructure is superb.

Mobidiag nostaa viimeisen €4M erän Euroopan investointipankin €15M rahoituksesta15.11.2018 09:30Tiedote

Mobidiag Oy, vahvassa kasvuvaiheessa oleva molekyylidiagnostiikkayhtiö, joka taistelee antibioottiresistenssin leviämistä vastaan, ilmoitti tänään, että se on nostanut viimeisen 4 miljoonan euron erän 15 miljoonan euron lainasta, jonka Euroopan investointipankki (EIP) myönsi yhtiölle kolmivuotiseen projektiin heinäkuussa 2016. Laina myönnettiin osana EIP:n ”InnovFin - EU Finance for innovators” -ohjelmaa. Ohjelman tavoitteena on tukea innovatiivisten eurooppalaisten yhtiöiden haastavia korkean teknologian kehityshankkeita mahdollistamalla rahoituksen. Tämä lehdistötiedote sisältää multimediaa. Katso koko julkaisu täällä: https://www.businesswire.com/news/home/20181114005789/fi/ Aiemmin nostettujen EIP:n lainaerien avulla Mobidiag on kehittänyt valmiiksi ja kaupallistanut Novodiag® -molekyylidiagnostiikan järjestelmänsä sekä kaksi suolistoinfektioiden aiheuttajien tunnistamiseen käytettävää testiä (Novodiag® C. difficile ja Novodiag® Bacterial GE+). Viimeisen lainaerän avulla yhtiö nope

European Commission approves Ipsen’s Cabometyx® (cabozantinib) for the treatment of hepatocellular carcinoma in adults previously treated with sorafenib15.11.2018 09:30Tiedote

Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced that the European Commission (EC) has approved Cabometyx® (cabozantinib) 20, 40, 60 mg as a monotherapy for hepatocellular carcinoma (HCC) in adults who have previously been treated with sorafenib. This approval allows for the marketing of Cabometyx® (cabozantinib) in this indication in all 28 member states of the European Union, Norway and Iceland. “Today’s EC approval for the use of Cabometyx ® provides a much needed new option for HCC patients. Until now, physicians in Europe had only one approved therapy for the 2 nd line treatment of this aggressive and difficult-to-treat cancer.1,2 We are proud to offer Cabometyx ® as an innovative treatment that has been shown to extend survival in previously treated patients with HCC,” said Harout Semerjian, Chief Commercial Officer, Ipsen. “This new indication reinforces Ipsen’s commitment to improve patients’ lives through the expansion of the clinical benefit of Cabometyx ® i

Mobidiag Receives Final €4M Tranche of €15M EIB Financing15.11.2018 09:30Tiedote

Mobidiag Ltd., a commercial stage molecular diagnostics company addressing the spread of antimicrobial resistance, announced today that it has received the final €4M tranche of a €15M three-year project secured by the Company from the European Investment Bank Group (EIB) in July 2016. The loan was provided as part of “InnovFin – EU Finance for innovators” programme, an EIB initiative aimed at providing innovative and high quality companies in Europe with access to finance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181114005786/en/ The EIB funding has already enabled Mobidiag to finalize, launch and commercialize its Novodiag® molecular diagnostic system and two assays for detection of gastrointestinal infections (Novodiag® C. difficile and Novodiag® Bacterial GE+). The final tranche will enable the Company to continue growing its product portfolio, accelerate the development of further assays for the Novodiag® system an

Highlights of China’s No. 1 High-Tech Fair CHTF 201815.11.2018 05:00Tiedote

The 20th China Hi-Tech Fair (CHTF 2018) is being held from November 14-18 at the Shenzhen Convention and Exhibition Center with the theme “New Development Concept for High Quality Growth.” This year’s CHTF consists of exhibitions, forums, professional meetings, supporting activities, talents exchange meetings and overseas fairs, and features advanced manufacturing, next-generation information technology, AI, life sciences, new materials, new energy, as well as integration of real economy and future industries. Here are some of the highlights of CHTF 2018: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181114005654/en/ International and Belt & Road Pavilion of CHTF (Photo: Business Wire) Themed areas focusing on industry hotspots The IT exhibition will present themed areas like AI, smart manufacturing, smart automotive, sports technology, big data, cloud computing, IoT and blockchain; the environmental exhibition will highlig

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme