Washington, D.C. 20549
(Amendment No. 3)*
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.
The information required on 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).
Item 4. Purpose of Transaction.
Item 4 of this Schedule 13D is hereby amended and supplemented by the following:
September 2018 Underwriting Agreement
After the close of business on September 20, 2018, the Centerbridge Funds and certain other Sponsors and other selling shareholders identified therein (collectively, the "Selling Shareholders") entered into an underwriting agreement (the "September 2018 Underwriting Agreement") with the Issuer and Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and Jefferies LLC (the "Underwriter Representatives"), pursuant to which the Underwriters identified therein agreed to purchase an aggregate of 10,000,000 shares of Common Stock from the Selling Shareholders at the public offering price of $29.25 per share, less the underwriting discount of $1.31625 per share. On September 23, 2018, the Underwriters exercised their 30-day option under the September 2018 Underwriting Agreement to purchase an additional 1,500,000 shares from the Selling Shareholders. The sales described herein closed on September 25, 2018.
September 2018 Lock-up Agreement
In connection with the Underwriting Agreement, each of the Selling Shareholders entered into a lock-up agreement (the "September 2018 Lock-up Agreement") with the Underwriter Representatives. Under the September 2018 Lock-up Agreement, each Selling Shareholder agreed, subject to specified exceptions, not to offer, sell, pledge or otherwise transfer any shares of Common Stock, or securities convertible into or exercisable or exchangeable for shares Common Stock, for 60 days after September 20, 2018 without first obtaining the written consent of the Underwriter Representatives.
The summaries of the September 2018 Underwriting Agreement and September 2018 Lock-up Agreement contained in this Item 4 are qualified in their entirety by reference to such agreements, each of which is filed as an exhibit hereto and incorporated by reference herein.
Item 5. Interest in Securities of the Issuer.
Items 5(a)-(c) of this Schedule 13D are hereby amended and restated as follows:
(a) – (b) The percentages of Common Stock reported herein are based on 56,511,252 shares of Common Stock being outstanding upon completion of the offering described herein, as disclosed by the Issuer in its prospectus supplement on Form 424B7 filed with the Securities and Exchange Commission ("SEC") on September 24, 2018.
Pursuant to Rule 13d-3 under the Act, the Reporting Persons may be deemed to beneficially own Common Stock as follows:
1. Centerbridge Capital Partners, L.P.
a. Amount beneficially owned: 6,182,574
b. Percent of class: 10.9%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 6,182,574
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 6,182,574
CCP has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by it, which powers may also be exercised by Centerbridge Associates, its general partner, and Cayman GP, the general partner of Centerbridge Associates. Neither Centerbridge Associates nor Cayman GP directly owns any of the shares of Common Stock. By reason of the provisions of Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock beneficially owned by CCP. However, none of the foregoing should be construed in and of itself as an admission by Centerbridge Associates or Cayman GP or by any Reporting Person as to beneficial ownership of Common Stock owned by another Reporting Person. In addition, each of Centerbridge Associates and Cayman GP expressly disclaims beneficial ownership of shares of Common Stock owned by CCP.
2. Centerbridge Capital Partners Strategic, L.P.
a. Amount beneficially owned: 209,190
b. Percent of class: 0.4%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 209,190
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 209,190
CCPS has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by it, which powers may also be exercised by Centerbridge Associates, its general partner, and Cayman GP, the general partner of Centerbridge Associates. Neither Centerbridge Associates nor Cayman GP directly owns any of the shares of Common Stock. By reason of the provisions of Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock beneficially owned by CCPS. However, none of the foregoing should be construed in and of itself as an admission by Centerbridge Associates or Cayman GP or by any Reporting Person as to beneficial ownership of Common Stock owned by another Reporting Person. In addition, each of Centerbridge Associates and Cayman GP expressly disclaims beneficial ownership of shares of Common Stock owned by CCPS.
3. CCP Champion Investors, LLC
a. Amount beneficially owned: 152,072
b. Percent of class: 0.3%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 152,072
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 152,072
CCPCI has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by it, which powers may also be exercised by Centerbridge Associates, its manager, and Cayman GP, the general partner of Centerbridge Associates. Neither Centerbridge Associates nor Cayman GP directly owns any of the shares of Common Stock. By reason of the provisions of Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock beneficially owned by CCPCI. However, none of the foregoing should be construed in and of itself as an admission by Centerbridge Associates or Cayman GP or by any Reporting Person as to beneficial ownership of Common Stock owned by another Reporting Person. In addition, each of Centerbridge Associates and Cayman GP expressly disclaims beneficial ownership of shares of Common Stock owned by CCPCI.
4. Centerbridge Associates, L.P. and Centerbridge Cayman GP Ltd.
a. Amount beneficially owned: 6,543,836
b. Percent of class: 11.6%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 6,543,836
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 6,543,836
Neither Centerbridge Associates nor Cayman GP directly owns any shares of Common Stock. Centerbridge Associates, as general partner of CCP and CCPS, and as manager of CCPCI, has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by CCP, CCPS and CCPCI, which powers may also be exercised by Cayman GP, the general partner of Centerbridge Associates. By reason of the provisions of Rule 13d-3 under the Act, Centerbridge Associates and Cayman GP may be deemed to beneficially own the shares of Common Stock beneficially owned by CCP, CCPS and CCPCI. However, none of the foregoing should be construed in and of itself as an admission by Centerbridge Associates or Cayman GP or by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. In addition, each of Centerbridge Associates and Cayman GP expressly disclaims beneficial ownership of shares of Common Stock owned by CCP, CCPS and CCPCI.
5. Centerbridge Capital Partners SBS, L.P. and CCP SBS GP, LLC
a. Amount beneficially owned: 56,735
b. Percent of class: 0.1%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 56,735
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 56,735
SBS has the power to dispose of and the power to vote the shares of Common Stock beneficially owned by it, which powers may also be exercised by SBS GP, its general partner. SBS GP does not directly own any of the shares of Common Stock. By reason of the provisions of Rule 13d-3 under the Act, SBS GP may be deemed to beneficially own the shares of Common Stock beneficially owned by SBS. However, none of the foregoing should be construed in and of itself as an admission by SBS GP or by any Reporting Person as to beneficial ownership of shares of Common Stock owned by another Reporting Person. In addition, SBS GP expressly disclaims beneficial ownership of shares of Common Stock owned by SBS.
6. Mark T. Gallogly and Jeffrey H. Aronson
a. Amount beneficially owned: 6,600,571
b. Percent of class: 11.7%
c. Voting and dispositive power:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 6,600,571
iii. Sole power to dispose or direct the disposition of: 0
iv. Shared power to dispose or direct the disposition of: 6,600,571
Messrs. Gallogly and Aronson, indirectly, through various intermediate entities control each of the Centerbridge Funds. Neither Mr. Gallogly nor Mr. Aronson directly owns any of the shares of Common Stock. By reason of the provisions of Rule 13d-3 under the Act, each may be deemed to beneficially own the shares of Common Stock beneficially owned by the Centerbridge Funds. However, none of the foregoing should be construed in and of itself as an admission by Messrs. Gallogly or Aronson or by any Reporting Person as to beneficial ownership of the shares of Common Stock owned by another Reporting Person. In addition, each of Mr. Gallogly and Mr. Aronson expressly disclaims beneficial ownership of the shares of Common Stock owned by any of the Centerbridge Funds.
By virtue of the Investor Rights Agreement and the Coordination Agreement, the Reporting Persons and other Sponsors may be deemed to be members of a "group" (within the meaning of Rule 13d-5 under the Act) that beneficially owns an aggregate of 20,089,961 shares, or approximately 35.6%, of the outstanding shares of Common Stock (after giving effect to the distributions in kind described in Item 5(c) below). However, the filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons and the other Sponsors are members of any such group. Each of the other Sponsors is separately filing a Schedule 13D reporting its beneficial ownership of the shares of Common Stock held by it. Each Reporting Person disclaims beneficial ownership of the shares of Common Stock held by each of the other Sponsors.
(c) The Centerbridge Funds sold the following shares pursuant to the September 2018 Underwriting Agreement on September 25, 2018 at a price of $27.93375 per share:
Reporting Person | Number of Shares Sold |
Centerbridge Capital Partners, L.P. | 3,493,224 |
Centerbridge Capital Partners Strategic, L.P. | 120,586 |
CCP Champion Investors, LLC | 88,954 |
Centerbridge Capital Partners SBS, L.P. | 33,186 |
Additionally, on September 25, 2018, CCP and CCPS distributed 123,222 and 1,778 shares, respectively, to Centerbridge Associates, their general partner, which shares had previously been indirectly beneficially owned by Centerbridge Associates through its direct interest in such funds. Centerbridge Associates held these shares as nominee for certain indirect beneficial owners, including Mr. Gallogly, pending charitable donations. These shares were donated to charities on September 25, 2018.
Except for the transactions described herein, no Reporting Person has effected any transaction in the Common Stock since the filing of Amendment No. 2 to the Schedule 13D on August 14, 2018.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 7. Material to Be Filed as Exhibits.
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.