August 22, 2017 12:28 PM ET

Energy Equipment and Services

Company Overview of Pacific Drilling V Limited

Company Overview

Pacific Drilling V Limited is based in British Virgin Islands. Pacific Drilling V Limited operates as a subsidiary of Pacific Drilling S.A.

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British Virgin Islands

Key Executives for Pacific Drilling V Limited

Pacific Drilling V Limited does not have any Key Executives recorded.

Pacific Drilling V Limited Key Developments

Pacific Drilling V Limited Announces Consent Solicitation for 7.25% Senior Secured Notes Due 2017

Pacific Drilling V Limited commenced a consent solicitation in respect of its 7.25% Senior Secured Notes due December 1, 2017 (the “Notes”) on the terms and subject to the conditions set in the confidential consent solicitation statement dated July 5, 2017 pursuant to which the Issuer is soliciting the consent of the holders of Notes to an extension of the maturity date of the Notes to June 1, 2018 in order to give the company more time to negotiate a refinancing transaction or undertake a holistic restructuring with all of its creditors (the “Solicitation”). The Solicitation is being made only to holders of Notes that are either “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act of 1933 (the “Securities Act”); institutional accredited investors within the meaning of Rule 501 under the Securities Act or outside the United States, and are not, and are not acting for the account or benefit of any “U.S. person”, as defined in Rule 902 under the Securities Act (each an “Eligible Holder”). The Solicitation solicits consents with respect to two paths for consummation of the extension of maturity of the Notes, depending on the level of participation by the Noteholders and whether the company is able to obtain consents from certain of its lenders. If the Issuer receives valid consents from Noteholders holding at least 95% of the outstanding principal amount of the Notes (disregarding Notes held by the Issuer or its affiliates) (the “Minimum Threshold Condition”) and all other conditions of the Solicitation have been satisfied or waived by the Company (in its sole discretion), the Company intends to implement the maturity extension either (a) out-of-court by amending the Indenture and the Notes or (b) by a Scheme of Arrangement (as defined, and on the terms described, below). If the Company implements the maturity extension out-of-court, the Issuer will amend the Indenture and the Notes to (i) extend the maturity date of all Notes held by consenting Noteholders to June 1, 2018, (ii) release all security in respect of all Notes held by Noteholders that do not consent and (iii) make certain other related amendments to the Indenture. Following the out-of-court transaction, the Notes held by holders that do not consent will be unsecured obligations of the Issuer and will have their current maturity, while the Notes held by consenting holders will continue to be secured by the same collateral that currently secures the Notes, on the same terms, but with the amended maturity date. The Issuer may lower the Minimum Threshold Condition in its sole discretion so long as the minimum threshold is not lower than 66 2/3% of the outstanding principal amount of the Notes (disregarding the Notes held by the Issuer or its affiliates).

Pacific Drilling Receives Requisite Consents for Consent Solicitation

Pacific Drilling S.A. announced that it has received valid and unrevoked consents from a majority of holders of the 7.250% Senior Secured Notes due 2017 (the Notes) issued by its indirect wholly-owned subsidiary, Pacific Drilling V Limited in its previously announced consent solicitation. The company intends to enter into definitive documentation to effect the amendment requested in the consent solicitation and to pay the consent fee to consenting Noteholders as soon as reasonably practical.

Pacific Drilling V Limited Extends Consent Solicitation in Respect of its 7.250% Senior Secured Notes Due 2017

Pacific Drilling S.A. announced that it has extended its previously announced consent solicitation by its indirect wholly-owned subsidiary, Pacific Drilling V Limited (company) in respect of the company’s 7.250% Senior Secured Notes due 2017 and increased the consent payment offered to consenting holders. The amount of the consent payment for holders of the Notes delivering a valid and unrevoked consent may be up to approximately $22 million, subject to successful completion of the consent solicitation. The consent solicitation was commenced on September 22, 2016 upon the terms and conditions described in a solicitation statement dated September 22, 2016 issued to the holders of the Notes. As extended, the consent solicitation will now expire at 5:00 p.m. New York City time on October 5, 2016, unless it is withdrawn or further extended by the Company in its sole discretion. Holders of the Notes that have already provided valid consents do not need to take further action in light of the extension. As of 5:00 p.m. New York City time on October 4, 2016, holders comprising approximately 30% of the aggregate principal amount of Notes already have delivered consents (disregarding Notes held by the Company or its affiliates).

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