0000950170-24-028624.txt : 20240308 0000950170-24-028624.hdr.sgml : 20240308 20240308160516 ACCESSION NUMBER: 0000950170-24-028624 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20240306 FILED AS OF DATE: 20240308 DATE AS OF CHANGE: 20240308 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MSD Partners, L.P. CENTRAL INDEX KEY: 0001514334 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36590 FILM NUMBER: 24734294 BUSINESS ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 303-1650 MAIL ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 FORMER NAME: FORMER CONFORMED NAME: MSDC Management, L.P. DATE OF NAME CHANGE: 20110302 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MSD Credit Opportunity Master Fund, L.P. CENTRAL INDEX KEY: 0001534735 ORGANIZATION NAME: STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36590 FILM NUMBER: 24734293 BUSINESS ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 303-1650 MAIL ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC CENTRAL INDEX KEY: 0001919469 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36590 FILM NUMBER: 24734291 BUSINESS ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-303-1650 MAIL ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: MSD PCOF Partners LXXIII, LLC CENTRAL INDEX KEY: 0001919428 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-36590 FILM NUMBER: 24734292 BUSINESS ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 212-303-1650 MAIL ADDRESS: STREET 1: ONE VANDERBILT AVENUE, 26TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Independence Contract Drilling, Inc. CENTRAL INDEX KEY: 0001537028 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 371653648 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 20475 STATE HIGHWAY 249 STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77070 BUSINESS PHONE: 2815981230 MAIL ADDRESS: STREET 1: 20475 STATE HIGHWAY 249 STREET 2: SUITE 300 CITY: HOUSTON STATE: TX ZIP: 77070 4 1 ownership.xml 4 X0508 4 2024-03-06 0001537028 Independence Contract Drilling, Inc. ICD 0001514334 MSD Partners, L.P. ONE VANDERBILT AVENUE, 26TH FLOOR NEW YORK NY 10017 true false true false 0001534735 MSD Credit Opportunity Master Fund, L.P. ONE VANDERBILT AVENUE, 26TH FLOOR NEW YORK NY 10017 true false true false 0001919428 MSD PCOF Partners LXXIII, LLC ONE VANDERBILT AVENUE, 26TH FLOOR NEW YORK NY 10017 true false true false 0001919469 MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC ONE VANDERBILT AVENUE, 26TH FLOOR NEW YORK NY 10017 true false true false false Convertible Secured PIK Toggle Notes due 2026 4.51 2024-03-06 4 J false 1912817.08 4.51 D 2022-03-18 2026-03-18 Common Stock 424127 88030318.06 I See footnotes This statement is jointly filed by and on behalf of each of MSD Partners, L.P. ("MSD Partners"), MSD Credit Opportunity Master Fund, L.P. ("Master Fund"), MSD PCOF Partners LXXIII, LLC ("MSD PCOF Partners"), and MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC ("MSD Private Credit Opportunity Fund"). Master Fund, MSD PCOF Partners and MSD Private Credit Opportunity Fund are the record and direct beneficial owners of the securities reported herein. MSD Partners is the investment manager of each of Master Fund, MSD PCOF Partners and MSD Private Credit Opportunity Fund and may be deemed to beneficially own securities owned by Master Fund, MSD PCOF Partners and MSD Private Credit Opportunity Fund. [Cont'd] [Continuation] MSD Partners (GP), LLC ("MSD GP") is the general partner of MSD Partners and may be deemed to beneficially own securities owned by MSD Partners. Gregg R. Lemkau maintains investment discretion over this investment and therefore may be deemed to beneficially own securities beneficially owned by MSD GP. Messr. Lemkau disclaims beneficial ownership of such securities except to the extent of any pecuniary interest therein. Christopher Gleysteen, who is a Managing Director of MSD Partners, was appointed to the Issuer's board of directors. Each Reporting Person and Messr. Lemkau declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934 or any other purpose, a member of a group with respect to the Issuer or securities of the Issuer. Represents the Reporting Persons' pro rata share of the Issuer's mandatory redemption offer of $3.5 million of the Issuer's Floating Rate Convertible Senior Secured PIK Toggle Notes due 2026 (the "Notes") pursuant to the terms of the Indenture, dated as of March 18, 2022 among the Issuer, Sidewinder Drilling LLC and U.S. Bank Trust Company, National Association, as amended by the First Supplemental Indenture, dated as of July 21, 2022, the Second Supplemental Indenture, dated as of February 24, 2023, and the Third Supplemental Indenture, dated as of February 27, 2024 (collectively, the "Indenture"). The Notes held by the Reporting Persons are convertible into shares of the Issuer's common stock at an effective conversion price of $4.51 per share, as approved by the shareholders of the Issuer at the 2022 Annual Meeting of Stockholders held on June 8, 2022; [Cont'd] [Continuation] provided that the Reporting Persons are not entitled to receive shares of common stock upon conversion of any Notes to the extent to which the aggregate number of shares of common stock that may be acquired by the Reporting Persons upon conversion of Notes, when added to the aggregate number of shares of common stock deemed beneficially owned, directly or indirectly, by the Reporting Persons and each person subject to aggregation of the shares of common stock with the Reporting Persons under Section 13 or Section 16 of the Exchange Act and the rules promulgated thereunder at such time, as determined pursuant to the rules and regulations promulgated under Section 13(d) of the Exchange Act, would exceed 19.9% (the "Restricted Ownership Percentage") of the total issued and outstanding shares of the Issuer's common stock. In lieu of any shares of common stock not delivered upon conversion by operation of the Restricted Ownership Percentage limitation, [Con't] [Continuation] the Issuer will deliver Pre-Funded Warrants in respect of any equal number of shares of common stock. Such Pre-Funded Warrants will contain substantially similar Restricted Ownership Percentage terms. Any Pre-Funded Warrants issued in lieu of shares of common stock in connection with a conversion of Notes prior to the Issuer's shareholder approval would also not be exercisable in accordance with the terms of the Pre-Funded Warrants. Pursuant to the Indenture, the Notes had an initial payment-in-kind, or "PIK," interest rate of SOFR plus 14.0% through September 30, 2022. The PIK interest rate decreased to SOFR plus 9.5% as of September 30, 2022. The Notes also have a cash interest rate of SOFR plus 12.5%. Includes PIK interest received by the Reporting Persons on September 30, 2022, March 31, 2023 and September 30, 2023. MSD PARTNERS, L.P. By: MSD Partners (GP), LLC Its: General Partner By: /s/ Robert K. Simonds Name: Robert K. Simonds Title: Authorized Signatory 2024-03-08 MSD CREDIT OPPORTUNITY MASTER FUND, L.P. By: MSD Partners, L.P. Its: Investment Manager By: MSD Partners (GP), LLC Its: General Partner By: /s/ Robert K. Simonds Name: Robert K. Simonds Title: Authorized Signatory 2024-03-08 MSD PCOF Partners LXXIII, LLC By: MSD Partners, L.P. Its: Manager By: MSD Partners (GP), LLC Its: General Partner By: /s/ Robert K. Simonds Name: Robert K. Simonds Title: Authorized Signatory 2024-03-08 MSD PRIVATE CREDIT OPPORTUNITY (NON-ECI) FUND, LLC By: MSD Partners, L.P. Its: Investment Manager By: MSD Partners (GP), LLC Its: General Partner By: /s/ Robert K. Simonds Name: Robert K. Simonds Title: Authorized Signatory 2024-03-08