13F-HR 1 stlp3q2011r.txt STEELHEAD PARTNERS LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2011 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Steelhead Partners LLC Address: 333 108th Ave NE Suite 2010 Bellevue, WA 98004 13F File Number: 028-06101 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: J. Michael Johnston Title: Managing Member Phone: 425-974-3788 Signature, Place, and Date of Signing: /s/ J. Michael Johnston Bellevue, WA October 21, 2011 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 71 Form 13F Information Table Value Total: $1,657,207 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. NONE FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ABITIBIBOWATER INC COM NEW 003687209 145675 9711663 SH Sole 9711663 ADVANCED MICRO DEVICES INC NOTE 5.750% 8/1 007903AN7 6229 6148000 PRN Sole 6148000 ADVANCED MICRO DEVICES INC NOTE 6.000% 5/0 007903AL1 28174 28822000 PRN Sole 28822000 ALPHA NATURAL RESOURCES INC COM 02076X102 64647 3654450 SH Sole 3654450 ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 19092 1200000 SH CALL Sole 1200000 ARCH COAL INC COM 039380100 3645 250000 SH CALL Sole 250000 ARCH COAL INC COM 039380100 270 18560 SH Sole 18560 BEST BUY INC SDCV 2.250% 1/1 086516AF8 21169 21222000 PRN Sole 21222000 C&J ENERGY SVCS INC COM 12467B304 24959 1518200 SH Sole 1518200 CADENCE DESIGN SYSTEM INC NOTE 1.500%12/1 127387AF5 6080 6325000 PRN Sole 6325000 CALPINE CORP COM NEW 131347304 9363 665000 SH Sole 665000 CHARMING SHOPPES INC NOTE 1.125% 5/0 161133AE3 1408 1637000 PRN Sole 1637000 CHARTER COMMUNICATIONS INC D CL A NEW 16117M305 15033 320947 SH Sole 320947 CONSOL ENERGY INC COM 20854P109 251 7400 SH Sole 7400 CRAY INC COM NEW 225223304 3268 615421 SH Sole 615421 ENDEAVOUR INTL CORP COM NEW 29259G200 24485 3068330 SH Sole 3068330 EURONET WORLDWIDE INC NOTE 3.500%10/1 298736AF6 31542 31861000 PRN Sole 31861000 FEI CO NOTE 2.875% 6/0 30241LAF6 23136 19401000 PRN Sole 19401000 FINISAR CORP NOTE 5.000%10/1 31787AAK7 24115 12700000 PRN Sole 12700000 GENERAL MTRS CO COM 37045V100 220 10900 SH Sole 10900 GENERAL MTRS CO COM 37045V100 39351 1950000 SH CALL Sole 1950000 GLOBAL CROSSING LTD SHS NEW G3921A175 17813 745000 SH Sole 745000 GLOBALSTAR INC COM 378973408 74 180000 SH Sole 180000 GOLD RESV INC CL A 38068N108 27748 11707979 SH Sole 11707979 GOLD RESV INC NOTE 5.500% 6/1 38068NAB4 35098 41783000 PRN Sole 41783000 HOLOGIC INC FRNT 2.000%12/1 436440AA9 25886 27500000 PRN Sole 27500000 ICAHN ENTERPRISES LP/CORP 029169AA7 1868 2000000 PRN Sole 2000000 ICAHN ENTERPRISES LP/CORP FRNT 8/1 451102AB3 17027 18332000 PRN Sole 18332000 ISHARES TR RUSSELL 2000 464287655 321500 5000000 SH PUT Sole 5000000 JAMES RIVER COAL CO COM NEW 470355207 26229 4117591 SH Sole 4117591 JETBLUE AIRWAYS CORP COM 477143101 266 65000 SH Sole 65000 JETBLUE AIRWAYS CORP DBCV 6.750%10/1 477143AF8 2967 2600000 PRN Sole 2600000 JETBLUE AIRWAYS CORP DBCV 6.750%10/1 477143AG6 19355 16525000 PRN Sole 16525000 LEVEL 3 COMMUNICATIONS INC COM 52729N100 1643 1102700 SH Sole 1102700 LEVEL 3 COMMUNICATIONS INC NOTE 15.000% 1/1 52729NBM1 28064 22000000 PRN Sole 22000000 LEVEL 3 COMMUNICATIONS INC NOTE 3.500% 6/1 52729NBK5 17062 17300000 PRN Sole 17300000 LEVEL 3 COMMUNICATIONS INC NOTE 6.500%10/0 52729NBR0 55396 39011000 PRN Sole 39011000 LEVEL 3 COMMUNICATIONS INC NOTE 7.000% 3/1 52729NBP4 28393 23760000 PRN Sole 23760000 LIVE NATION ENTERTAINMENT IN NOTE 2.875% 7/1 538034AB5 11008 12265000 PRN Sole 12265000 LOCKHEED MARTIN CORP COM 539830109 218 3000 SH Sole 3000 LUCENT TECHNOLOGIES INC DBCV 2.875% 6/1 549463AG2 16731 19800000 PRN Sole 19800000 LUCENT TECHNOLOGIES INC DBCV 2.875% 6/1 549463AH0 12933 14000000 PRN Sole 14000000 MICRON TECHNOLOGY INC NOTE 1.875% 6/0 595112AH6 31125 33024000 PRN Sole 33024000 MICROSOFT CORP COM 594918104 146851 5900000 SH CALL Sole 5900000 MICROSOFT CORP COM 594918104 600 24100 SH Sole 24100 NETAPP INC NOTE 1.750% 6/0 64110DAB0 25850 21232000 PRN Sole 21232000 NEXEN INC COM 65334H102 294 19000 SH Sole 19000 NUVASIVE INC NOTE 2.250% 3/1 670704AB1 4866 5000000 PRN Sole 5000000 ON SEMICONDUCTOR CORP NOTE 4/1 682189AE5 16229 15999000 PRN Sole 15999000 PARAGON SHIPPING INC CL A 69913R309 107 135000 SH Sole 135000 PEABODY ENERGY CORP COM 704549104 339 10000 SH Sole 10000 PENDRELL CORP COM 70686R104 10629 4724111 SH Sole 4724111 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 125976 2400000 SH PUT Sole 2400000 PROGRESSIVE CORP OHIO COM 743315103 311 17500 SH Sole 17500 RACKSPACE HOSTING INC COM 750086100 5121 150000 SH PUT Sole 150000 RF MICRODEVICES INC NOTE 1.000% 4/1 749941AJ9 9013 8413000 PRN Sole 8413000 ROVI CORP NOTE 2.625% 2/1 779376AB8 16316 14050000 PRN Sole 14050000 SANDISK CORP NOTE 1.000% 5/1 80004CAC5 35448 36529000 PRN Sole 36529000 SANDRIDGE ENERGY INC COM 80007P307 307 55200 SH Sole 55200 SCORPIO TANKERS INC SHS Y7542C106 21778 4124700 SH Sole 4124700 SEASPAN CORP SHS Y75638109 315 27500 SH Sole 27500 SMITH & WESSON HLDG CORP COM 831756101 4888 1939800 SH Sole 1939800 SONDE RES CORP COM 835426107 7892 3439563 SH Sole 3439563 TAKE-TWO INTERACTIVE SOFTWAR NOTE 4.375% 6/0 874054AA7 19820 14500000 PRN Sole 14500000 TEEKAY CORPORATION COM Y8564W103 271 12000 SH Sole 12000 TRANSOCEAN INC NOTE 1.500%12/1 893830AV1 247 4000000 PRN Sole 4000000 TRANSOCEAN LTD REG SHS H8817H100 239 5000 SH Sole 5000 TW TELECOM INC COM 87311L104 479 29000 SH Sole 29000 UNISYS CORP PFD SER A 6.25% 909214405 4257 80100 SH Sole 80100 VANTAGE DRILLING COMPANY ORD SHS G93205113 6688 5350050 SH Sole 5350050 VONAGE HLDGS CORP COM 92886T201 1560 600000 SH Sole 600000