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Section 1: SC 13G (PARKER DRILLING COMPANY)

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 
 

SCHEDULE 13G

 

 
 
Under the Securities Exchange Act of 1934
 
(Amendment No.   )*
 

Parker Drilling Company

(Name of Issuer)
 

Common Stock, par value $0.16 2/3 per share

(Title of Class of Securities)
 

701081101

(CUSIP Number)
 

February 22, 2017

(Date of event which requires filing of this statement)
 
 
Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:
 
¨ Rule 13d-1(b)
x Rule 13d-1(c)
¨ Rule 13d-1(d)
 
(Page 1 of 9 Pages)

 

______________________________

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 701081101

13G

Page 2 of 9 Pages

 

1

NAMES OF REPORTING PERSONS

Highbridge Capital Management, LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

State of Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

10,351,974 shares of Common Stock issuable upon conversion of 250,000 shares of 7.25% Mandatory Convertible Preferred Stock

 

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

10,351,974 shares of Common Stock issuable upon conversion of 250,000 shares of 7.25% Mandatory Convertible Preferred Stock

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

10,351,974 shares of Common Stock issuable upon conversion of 250,000 shares of 7.25% Mandatory Convertible Preferred Stock

 

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

7.01%

12

TYPE OF REPORTING PERSON

IA, OO

         

 

 

CUSIP No. 701081101

13G

Page 3 of 9 Pages

 

1

NAMES OF REPORTING PERSONS

Highbridge International LLC

2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) ¨

(b) ¨

3 SEC USE ONLY
4

CITIZENSHIP OR PLACE OF ORGANIZATION

Cayman Islands, British West Indies

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

8,043,484 shares of Common Stock issuable upon conversion of 194,250 shares of 7.25% Mandatory Convertible Preferred Stock

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

8,043,484 shares of Common Stock issuable upon conversion of 194,250 shares of 7.25% Mandatory Convertible Preferred Stock

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

8,043,484 shares of Common Stock issuable upon conversion of 194,250 shares of 7.25% Mandatory Convertible Preferred Stock

10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨
11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.54%

12

TYPE OF REPORTING PERSON

OO

         

 

CUSIP No. 701081101

13G

Page 4 of 9 Pages

 

Item 1(a). NAME OF ISSUER:
   
  The name of the issuer is Parker Drilling Company (the "Company").

 

Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
   
  The Company's principal executive offices are located at 5 Greenway Plaza, Suite 100, Houston, Texas 77046.

 

Item 2(a). NAME OF PERSON FILING:
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
Item 2(c). CITIZENSHIP:

 

  This statement is filed by:

 

  (i)

Highbridge Capital Management, LLC

40 West 57th Street, 32nd Floor

New York, New York 10019

Citizenship: State of Delaware

 

 

  (ii)

Highbridge International LLC

c/o Highbridge Capital Management, LLC

40 West 57th Street, 32nd Floor

New York, New York 10019

Citizenship: Cayman Islands

 

  The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."  

 

Item 2(d). TITLE OF CLASS OF SECURITIES:
   
  Common Stock, par value $0.16  2/3 per share (the "Common Stock").

 

Item 2(e). CUSIP NUMBER:
  701081101

 

Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:

 

  (a) ¨ Broker or dealer registered under Section 15 of the Act,
  (b) ¨ Bank as defined in Section 3(a)(6) of the Act,
  (c) ¨ Insurance Company as defined in Section 3(a)(19) of the Act,
  (d) ¨ Investment Company registered under Section 8 of the Investment Company Act of 1940,
  (e) ¨ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

 

CUSIP No. 701081101

13G

Page 5 of 9 Pages

 

  (f) ¨ Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F),
  (g) ¨ Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G),
  (h) ¨ Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act,
  (i) ¨ A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act;
  (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J);
  (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K).

 

 

If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please

specify the type of institution: __________________________________________

 

Item 4. OWNERSHIP.
   
 

(a)       Amount beneficially owned:

 

As of the date hereof, (i) Highbridge International LLC may be deemed to beneficially own 8,043,484 shares of Common Stock issuable upon conversion of 194,250 shares of 7.25% Mandatory Convertible Preferred Stock (the "Preferred Stock") and (ii) Highbridge Capital Management, LLC, as the trading manager of Highbridge International LLC and Highbridge Tactical Credit & Convertibles Master Fund, L.P. (collectively, the "Highbridge Funds"), may be deemed to be the beneficial owner of the 10,351,974 shares of Common Stock issuable upon conversion of 250,000 shares of Preferred Stock held by the Highbridge Funds.

 

(b)       Percent of class:

 

The percentages used herein and in the rest of this Schedule 13G are calculated based upon 137,227,182 shares of Common Stock reported to be outstanding in the Company's Prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(5) on February 21, 2017 after giving effect to the completion of the offering and the sale of the shares of Common Stock, as described therein, and assumes the conversion of the shares of Preferred Stock held by the Highbridge Funds. Therefore, as of the date hereof, based on the Company's outstanding shares of Common Stock and assuming the conversion of the Preferred Stock held by the Highbridge Funds, (i) Highbridge International LLC may be deemed to beneficially own approximately 5.54% of the outstanding shares of Common Stock of the Company and (ii) Highbridge Capital Management, LLC may be deemed to beneficially own approximately 7.01% of the outstanding shares of Common Stock of the Company.

 

The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the shares of Common Stock held by the Highbridge Funds.

 

 

CUSIP No. 701081101

13G

Page 6 of 9 Pages

 

 

(c)       Number of shares as to which such person has:

 

(i)       Sole power to vote or to direct the vote

 

0

 

(ii)       Shared power to vote or to direct the vote

 

See Item 4(a)

 

(iii)       Sole power to dispose or to direct the disposition of

 

0

 

(iv)       Shared power to dispose or to direct

the disposition of

 

See Item 4(a) 

 

Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
   
  Not applicable.

 

Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
   
  See Item 4.

 

Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
   
  Not applicable.

 

Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
   
  Not applicable.

 

Item 9. NOTICE OF DISSOLUTION OF GROUP.
   
  Not applicable.

 

Item 10. CERTIFICATION.

 

  Each Reporting Person hereby makes the following certification:
   

 

CUSIP No. 701081101

13G

Page 7 of 9 Pages

 

  By signing below the Reporting Person certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 

CUSIP No. 701081101

13G

Page 8 of 9 Pages

SIGNATURES

After reasonable inquiry and to the best of our knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

DATED: March 6, 2017

 

HIGHBRIDGE CAPITAL MANAGEMENT, LLC

 

 

By: /s/ John Oliva                                          

Name: John Oliva

Title: Managing Director

 
   

HIGHBRIDGE INTERNATIONAL LLC

 

By: Highbridge Capital Management, LLC

its Trading Manager

 

 

By: /s/ John Oliva                                          

Name: John Oliva

Title: Managing Director

 

 

 

 

 

CUSIP No. 701081101

13G

Page 9 of 9 Pages

EXHIBIT 1

JOINT FILING AGREEMENT

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

 

DATED: March 6, 2017

 

HIGHBRIDGE CAPITAL MANAGEMENT, LLC

 

 

By: /s/ John Oliva                                          

Name: John Oliva

Title: Managing Director

 
   

HIGHBRIDGE INTERNATIONAL LLC

 

By: Highbridge Capital Management, LLC

its Trading Manager

 

 

By: /s/ John Oliva                                          

Name: John Oliva

Title: Managing Director

 

 

 

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