REG - Offshore Drilling - Notice

Deutsche Bank AGAnnouncement

06/05/2020 18:55

RNS Number : 1874M
  
Offshore Drilling Holding S.A.
  
06 May 2020
  
 

DATED: May 6, 2020
 
NOTICE
 
THIS NOTICE IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
 
 
Offshore Drilling Holding S.A.
 (the "Company")
 
8.375% Senior Secured Notes due 2022 (Rule 144A ISIN: US676246AA90; Regulation S ISINs: USL71626AA05 and USL71626AA05) (the "Notes")
 
Reference is made to the indenture, dated as of September 20, 2013, by and among the Company, the Guarantors party thereto, Deutsche Bank Trust Company Americas, as trustee (the "Trustee") and collateral agent (the "Noteholder Collateral Agent"), and Deutsche Bank Luxembourg S.A., as Irish listing agent (the "Original Indenture"), as supplemented by the first supplemental indenture (the "First Supplemental Indenture"), dated as of January 22, 2020, by and among the Company, the Guarantors party thereto, the Trustee and the Noteholder Collateral Agent, and as further amended and supplemented by the second supplemental indenture (the "Second Supplemental Indenture"), dated as of March 17, 2020, by and among the Company, the Guarantors party thereto, the Trustee and the Noteholder Collateral Agent and the third supplemental indenture, dated as of April 28, 2020, by and among the Company, the Guarantors party thereto, the Trustee and the Noteholder Collateral Agent (the "Third Supplemental Indenture", and the Original Indenture, as amended and supplemented by the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the "Indenture").
The Company wishes to announce that, pursuant to a fourth supplemental indenture, dated as of May 5, 2020, among the Company, the Guarantors party thereto, the Trustee and Noteholder Collateral Agent (the "Fourth Supplemental Indenture"), the Company has, among other things, amended the Indenture as follows:
 
·    The Indenture requires the Company to establish an interest reserve account and to maintain cash and/or funds available under certain letters of credit in such account in an amount sufficient to provide for payment in full of interest and Additional Amounts (if any) for the next two succeeding interest payment dates on the Notes.
 
·    The Original Indenture, as amended and supplemented by the Third Supplemental Indenture, provided for an Event of Default if the Company failed to maintain the interest reserve fully funded and such failure continued for 200 consecutive days or more; provided that such period will be automatically extended by 28 days (the "extension period") so long as a majority of the Holders of the Notes does not notify the Trustee in writing prior to the beginning of the extension period that no such extension period should be provided; provided, further that a majority of the Holders of the Notes can deliver a written notice at any time after the commencement of the extension period causing the termination of the extension period. 
 
·    The Fourth Supplemental Indenture revised this Event of Default by extending such 200 consecutive day period to 235 consecutive days or more and reducing the extension period from 28 days to 21 days.  
 
The Fourth Supplemental Indenture became effective on May 5, 2020 (the "Effective Time") and the amendments contained therein also became operative at the Effective Time.   
 
The Fourth Supplemental Indenture was executed by the parties thereto after the Company received consents from the owners or beneficial owners of a majority of the aggregate principal amount of Notes currently outstanding.   
 
SCHEDULE 1: CONTACT DETAILS
Name:                          Claudia Cabrera Cortes
Telephone No:             +52 55 5262 8120
Email:                          ccabrera@offshoredrillingholding.com
 
 
 
 
 
 
 
This announcement has been issued through the Companies Announcement Service of Euronext Dublin.
 
 


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