UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 12, 2019

 

Ensco Rowan plc

(Exact name of registrant as specified in charter)

 


 

England and Wales
(State or other jurisdiction of incorporation)

 

98-0635229
(I.R.S. Employer Identification No.)

 

1-8097

(Commission File No.)

 

6 Chesterfield Gardens

London, England W1J 5BQ

(Address of Principal Executive Offices)

(Zip Code)

 

Registrant’s telephone number, including area code: 44 (0) 20 7659 4660

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Ticker Symbol(s)

 

Name of each exchange on which registered

Class A ordinary shares, U.S. $0.40 par value

 

ESV

 

New York Stock Exchange

4.70% Senior Notes due 2021

 

ESV/21

 

New York Stock Exchange

4.50% Senior Notes due 2024

 

ESV24

 

New York Stock Exchange

8.00% Senior Notes due 2024

 

ESV24A

 

New York Stock Exchange

5.20% Senior Notes due 2025

 

ESV25A

 

New York Stock Exchange

7.75% Senior Notes due 2026

 

ESV26

 

New York Stock Exchange

5.75% Senior Notes due 2044

 

ESV44

 

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 


 

Item 1.01.                                         Entry into a Material Definitive Agreement.

 

On June 25, 2019, Ensco Rowan plc (the “Company”) commenced tender offers and consent solicitations for certain series of senior notes of the Company and its wholly owned subsidiaries Ensco International Incorporated and Rowan Companies, Inc., including the Company’s 4.50% Senior Notes due 2024 and 5.20% Senior Notes due 2025 (collectively, the “EnscoRowan Notes”).  The terms and conditions of the tender offers and consent solicitations were described in detail in the Offer to Purchase and Consent Solicitation Statement dated June 25, 2019.

 

On July 12, 2019, the Company purchased approximately $951.8 million aggregate principal amount of the senior notes subject to the tender offers for an aggregate purchase price of approximately $724.1 million (excluding accrued interest).  In addition, following the receipt of the requisite consents in the consent solicitations for the EnscoRowan Notes, the Company and Deutsche Bank Trust Company Americas, as trustee, entered into the Sixth Supplemental Indenture on July 12, 2019 (the “Sixth Supplemental Indenture”), which gives effect to the amendments to the indentures governing the EnscoRowan Notes, with respect to which the requisite consents were sought and obtained.

 

The Sixth Supplemental Indenture amends the covenants set forth in Section 404 ( Covenant Defeasance ), Section 501 ( Events of Default ), Section 602 ( Notice of Defaults ), Section 704 ( Reports by Company ), Section 801 ( Company May Consolidate, Etc., Only on Certain Terms ), Section 802 ( Successor Person Substituted ), Section 1104 ( Notice of Redemption ) and, with respect to the Second Supplemental Indenture dated September 29, 2014 and Third Supplemental Indenture dated March 12, 2015, Section 5.01 ( Limitations on Liens ) and Section 5.02 ( Limitation on Sale/Leaseback Transactions ) and, with respect to such Third Supplemental Indenture, Section 3.01(b) ( Optional Redemption by Company ) in the indentures governing the EnscoRowan Notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default under such indentures and modify certain notice requirements for redemption of the EnscoRowan Notes.

 

The foregoing description of the Sixth Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference to the full and complete terms of the Sixth Supplemental Indenture, which is filed as Exhibit 4.1 to this Current Report on Form 8-K.

 

Item 3.03                                            Material Modification to Rights of Security Holders.

 

The disclosure under Item 1.01 hereof that is responsive to Item 3.03 hereof is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit
Number

 

Description

4.1

 

Sixth Supplemental Indenture, dated July 12, 2019, among Ensco Rowan plc and Deutsche Bank Trust Company Americas, as trustee.

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Ensco Rowan plc

 

 

 

 

Date: July 12, 2019

/s/ Michael T. McGuinty

 

Michael T. McGuinty

 

Senior Vice President — General Counsel and Secretary

 

3


Exhibit 4.1

 

 

ENSCO ROWAN PLC

 

as the Company

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Trustee

 

SIXTH SUPPLEMENTAL INDENTURE

 

Dated as of July 12, 2019

 

to

 

INDENTURE

 

Dated as of March 17, 2011

 

4.50% SENIOR NOTES DUE 2024

 

5.20% SENIOR NOTES DUE 2025

 

 


 

TABLE OF CONTENTS

 

 

 

Page

 

 

ARTICLE ONE RELATION TO EXISTING INDENTURE; DEFINITIONS

1

 

 

 

Section 1.01

Relation to Existing Indenture

1

Section 1.02

Definitions

2

Section 1.03

General References

2

 

 

ARTICLE TWO AMENDMENTS TO EXISTING INDENTURES

2

 

 

 

Section 2.01

Amendments to Articles Five, Seven and Eight

2

Section 2.02

Amendments to Second Supplemental Indenture and Third Supplemental Indenture

2

Section 2.03

Amendments to Covenant Defeasance

3

Section 2.04

Amendments to Notice of Defaults

3

Section 2.05

Amendments to Successor Person Substituted

3

Section 2.06

Amendments to Notice of Redemption

3

 

 

ARTICLE THREE MISCELLANEOUS

3

 

 

 

Section 3.01

Certain Trustee Matters

3

Section 3.02

Continued Effect

4

Section 3.03

Governing Law

4

Section 3.04

Counterparts

4

 


 

SIXTH SUPPLEMENTAL INDENTURE , dated as of July 12, 2019 (this “Supplemental Indenture”), between ENSCO ROWAN PLC , a public limited company organized under the laws of England and Wales (the “Company”), and DEUTSCHE BANK TRUST COMPANY AMERICAS , as trustee (in such capacity, the “Trustee”), under the Indenture, dated as of March 17, 2011 (the “Base Indenture”), between the Company and the Trustee.

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company and the Trustee have heretofore executed the Base Indenture, as supplemented by the Second Supplemental Indenture, dated as of September 29, 2014 (the “Second Supplemental Indenture”; the Base Indenture, as supplemented with applicability to the 4.50% Notes (as defined below) by the Second Supplemental Indenture, the “4.50% Notes Indenture”), governing the 4.50% Senior Notes due 2024 (the “4.50% Notes”), and the Third Supplemental Indenture, dated as of March 12, 2015 (the “Third Supplemental Indenture”; the Base Indenture, as supplemented with applicability to the 5.20% Notes (as defined below) by the Third Supplemental Indenture, the “5.20% Notes Indenture” and, together with the 4.50% Notes Indenture, the “Existing Indentures”), governing the 5.20% Senior Notes due 2025 (the “5.20% Notes” and, together with the 4.50% Notes, the “Notes”); and

 

WHEREAS, Section 902 of the Base Indenture provides, with exceptions not here applicable, that the Company and Trustee may amend or supplement an Existing Indenture with respect to a series of Notes with the consent of the Holders of a majority in principal amount of the Outstanding Notes of such series voting as a separate class; and

 

WHEREAS, pursuant to a solicitation of consents as set forth in the Offer to Purchase and Consent Solicitation Statement of the Company dated June 25, 2019 (the “Offer to Purchase and Consent Solicitation Statement”), the Holders of a majority in aggregate principal amount of the Outstanding Notes of each series have consented to the execution and delivery of this Supplemental Indenture, and the execution and delivery of this Supplemental Indenture is permitted by Section 902 of the Base Indenture; and

 

WHEREAS, all things necessary to make this Supplemental Indenture legal, valid and binding obligation of the Company according to its terms have been done;

 

NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all Holders of the applicable series of Notes, as follows:

 

ARTICLE ONE
RELATION TO EXISTING INDENTURE; DEFINITIONS

 

Section 1.01                             Relation to Existing Indenture.

 

With respect to each series of Notes, this Supplemental Indenture constitutes an integral part of the applicable Existing Indenture.

 


 

Section 1.02                             Definitions.

 

For all purposes of this Supplemental Indenture, capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Existing Indenture with respect to the applicable series of Notes.

 

Section 1.03                             General References .

 

Unless otherwise specified or unless the context otherwise requires, (i) all references in this Supplemental Indenture to Articles and Sections refer to the corresponding Articles and Sections of this Supplemental Indenture and (ii) the terms “ herein ”, “ hereof ”, “ hereunder ” and any other word of similar import refer to this Supplemental Indenture.

 

ARTICLE TWO
AMENDMENTS TO EXISTING INDENTURES

 

With respect to each series of Notes, Articles Four, Five, Six, Seven, Eight and Eleven of the applicable Existing Indenture are hereby amended as set forth below in this Article Two ; provided, however, that such amendments shall apply only to the applicable series of Notes issued under such Existing Indenture and not to any other series of Securities issued under the Base Indenture or such Existing Indenture. The amendments to an Existing Indenture effected pursuant to this Article Two shall not become operative with respect to a series of Notes until the Company accepts and purchases the Notes satisfying the Requisite Consents (as defined in the Offer to Purchase and Consent Solicitation Statement) with respect to such series of Notes required for purchase in the Tender Offer (as defined in the Offer to Purchase and Consent Solicitation Statement).

 

Section 2.01                             Amendments to Articles Five, Seven and Eight.

 

Each Existing Indenture is hereby amended by deleting the following provisions of such Existing Indenture and all references thereto in their entirety:

 

(a)           clauses (a)(iii) and (c) of Section 501, “Events of Default”;

 

(b)           Section 704, “Reports by Company”; and

 

(c)           Section 801, “Company May Consolidate, Etc., Only on Certain Terms”.

 

Section 2.02                             Amendments to Second Supplemental Indenture and Third Supplemental Indenture.

 

The Second Supplemental Indenture and Third Supplemental Indenture are hereby amended by deleting Sections 5.01, “Limitations on Liens” and 5.02, “Limitation on Sale/Leaseback Transactions” and all references thereto in their entirety.

 

2


 

Section 2.03                             Amendments to Covenant Defeasance .

 

Section 404, “Covenant Defeasance” of each Existing Indenture is hereby amended by deleting “Sections 501(3) through 501(6) and Section 501(9) hereof” in the last sentence thereof and by replacing “Section 801 hereof with respect to the Outstanding Securities of a series and any other” in the first sentence thereof with “any”.

 

Section 2.04                             Amendments to Notice of Defaults.

 

Section 602, “Notice of Defaults” of each Existing Indenture is hereby amended by deleting “; and provided, further, that in the case of any Default or Event of Default of the character specified in Section 501(3) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof”.

 

Section 2.05                             Amendments to Successor Person Substituted .

 

Section 802, “Successor Person Substituted” of each Existing Indenture is hereby amended by deleting “in accordance with Section 801” and “that meets the requirements of Section 801 hereof”.

 

Section 2.06                             Amendments to Notice of Redemption .

 

Section 1104, “ Notice of Redemption ” of the Base Indenture and Section 3.01(b) of the Third Supplemental Indenture “Optional Redemption by Company” are hereby amended by replacing “30” or “15”, as applicable, with “three Business Days (provided that the Trustee has received drafts of such notice at least five days in advance thereof, or such shorter period as is satisfactory to the Trustee)”.

 

ARTICLE THREE
MISCELLANEOUS

 

Section 3.01                             Certain Trustee Matters .

 

The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.

 

The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Company.

 

Except as expressly set forth herein, nothing in this Supplemental Indenture shall alter the duties, rights or obligations of the Trustee set forth in the Existing Indentures.

 

The Trustee makes no representation or warranty as to the validity or sufficiency of the information contained in the Offer to Purchase and Consent Solicitation Statement, except such information which specifically pertains to the Trustee itself, or any information incorporated therein by reference.

 

3


 

Section 3.02                             Continued Effect .

 

Except as expressly supplemented and amended by this Supplemental Indenture, each Existing Indenture shall continue in full force and effect in accordance with the provisions thereof, and each Existing Indenture (as supplemented and amended by this Supplemental Indenture) is in all respects hereby ratified and confirmed. This Supplemental Indenture and all its provisions shall be deemed a part of each Existing Indenture in the manner and to the extent herein and therein provided.

 

Section 3.03                             Governing Law .

 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 3.04                             Counterparts .

 

This instrument may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this instrument and of signature pages thereof by facsimile or PDF transmission shall constitute effective execution and delivery of this instrument as to the parties hereto and may be used in lieu of the original instrument for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 

(Remainder of Page Intentionally Left Blank)

 

4


 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and delivered, all as of the date first written above.

 

 

THE COMPANY:

 

 

 

 

 

ENSCO ROWAN PLC

 

 

 

By:

/s/ Darin Gibbins

 

Name:

Darin Gibbins

 

Title:

Vice President and Treasurer

 

 

 

 

The above signatory for Ensco Rowan plc signed in the presence of:

 

 

 

/s/ Sarah Coronado

 

Print name of witness: Sarah Coronado

 

Address: 5847 San Felipe, Suite 3300,

 

Houston, TX 77057

 

 

 

 

 

 

 

TRUSTEE:

 

 

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

 

 

 

By:

/s/ Jeffrey Schoenfeld

 

Name:

Jeffrey Schoenfeld

 

Title:

Vice President

 

 

 

 

By:

/s/ Irina Golovashchuk

 

Name:

Irina Golovashchuk

 

Title:

Vice President

 

Signature page to Sixth Supplemental Indenture