UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Act of 1934
(Amendment No. 2)*
Key Energy Services, Inc.
(Name of issuer)
Common Stock
(Title of class of securities)
492914106
(CUSIP number)
Janet Yeung
MHR Fund Management LLC
1345 Avenue of the Americas, 42nd Floor
New York, New York 10105
(212) 262-0005
(Name, address and telephone number of person authorized
to receive notices and communications on behalf of filing persons)
August 21, 2015
(Date of event which requires filing of this statement)
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
§§240.13d1(e), 240.13d1(f) or 240.13d1(g), check the following box. ¨
Note: Schedules filed in paper
format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d7 for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
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).
CUSIP No. 492914106
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1. |
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NAME OF REPORTING PERSON MHR INSTITUTIONAL PARTNERS III LP |
2. |
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
(a) ¨ (b) x |
3. |
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SEC USE ONLY
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4. |
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SOURCE OF FUNDS (See
Instructions) WC |
5. |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
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7. |
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SOLE VOTING POWER
14,084,070 |
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8. |
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SHARED VOTING POWER
0 |
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9. |
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SOLE DISPOSITIVE POWER
14,084,070 |
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10. |
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SHARED DISPOSITIVE POWER
0 |
11. |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,084,070 |
12. |
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CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13. |
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 8.9% |
14. |
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TYPE OF REPORTING
PERSON PN |
2
CUSIP No. 492914106
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1. |
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NAME OF REPORTING PERSON MHR INSTITUTIONAL ADVISORS III LLC |
2. |
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
(a) ¨ (b) x |
3. |
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SEC USE ONLY
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4. |
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SOURCE OF FUNDS (See
Instructions) AF |
5. |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
|
7. |
|
SOLE VOTING POWER
14,084,070 |
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8. |
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SHARED VOTING POWER
0 |
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9. |
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SOLE DISPOSITIVE POWER
14,084,070 |
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10. |
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SHARED DISPOSITIVE POWER
0 |
11. |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,084,070 |
12. |
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CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13. |
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 8.9% |
14. |
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TYPE OF REPORTING
PERSON OO |
3
CUSIP No. 492914106
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1. |
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NAME OF REPORTING PERSON MHR FUND MANAGEMENT LLC |
2. |
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
(a) ¨ (b) x |
3. |
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SEC USE ONLY
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4. |
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SOURCE OF FUNDS (See
Instructions) AF |
5. |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
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7. |
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SOLE VOTING POWER
17,484,343 |
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8. |
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SHARED VOTING POWER
0 |
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9. |
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SOLE DISPOSITIVE POWER
17,484,343 |
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10. |
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SHARED DISPOSITIVE POWER
0 |
11. |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,484,343 |
12. |
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CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13. |
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 11.1% |
14. |
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TYPE OF REPORTING
PERSON OO |
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CUSIP No. 492914106
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1. |
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NAME OF REPORTING PERSON MHR HOLDINGS LLC |
2. |
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
(a) ¨ (b) x |
3. |
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SEC USE ONLY
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4. |
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SOURCE OF FUNDS (See
Instructions) AF |
5. |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. |
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CITIZENSHIP OR PLACE OF
ORGANIZATION Delaware |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
|
7. |
|
SOLE VOTING POWER
17,484,343 |
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8. |
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SHARED VOTING POWER
0 |
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9. |
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SOLE DISPOSITIVE POWER
17,484,343 |
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10. |
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SHARED DISPOSITIVE POWER
0 |
11. |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,484,343 |
12. |
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CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13. |
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 11.1% |
14. |
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TYPE OF REPORTING
PERSON OO |
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CUSIP No. 492914106
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1. |
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NAME OF REPORTING PERSON MARK H. RACHESKY, M.D. |
2. |
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CHECK THE APPROPRIATE BOX IF A
MEMBER OF A GROUP
(a) ¨ (b) x |
3. |
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SEC USE ONLY
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4. |
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SOURCE OF FUNDS (See
Instructions) AF |
5. |
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CHECK IF DISCLOSURE OF LEGAL
PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ¨ |
6. |
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CITIZENSHIP OR PLACE OF
ORGANIZATION United States of
America |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH |
|
7. |
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SOLE VOTING POWER
17,484,343 |
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8. |
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SHARED VOTING POWER
0 |
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9. |
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SOLE DISPOSITIVE POWER
17,484,343 |
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10. |
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SHARED DISPOSITIVE POWER
0 |
11. |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
17,484,343 |
12. |
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CHECK IF THE AGGREGATE AMOUNT IN
ROW (11) EXCLUDES CERTAIN SHARES ¨ |
13. |
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PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 11.1% |
14. |
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TYPE OF REPORTING
PERSON IN; HC |
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TABLE OF CONTENTS
7
Explanatory Note
This statement on Schedule 13D (this Statement) amends and supplements, as Amendment No. 2, the Schedule 13D filed on May 28, 2013 (the Initial Schedule
13D), as amended by Amendment No. 1 to the Initial Schedule 13D, filed with the Securities and Exchange Commission on August 14, 2013 (Amendment No. 1 and together with Amendment No. 2 and the Initial Schedule 13D,
the Schedule 13D) and relates to shares of common stock, par value $ 0.10 per share (the Shares), of Key Energy Services, Inc. (the Issuer). Capitalized terms used in this Statement but
not defined herein shall have the respective meanings giving to such terms in the Initial Schedule 13D.
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Item 4. |
Purpose of the Transaction. |
Item 4 is
hereby amended by adding the following:
On August 21, 2015, the Board of the Issuer elected Mark Rosenberg, a principal of Fund Management and
one of the directors of the Board of the Issuer, to serve as the non-executive Chairman of the Board of the Issuer, effective immediately.
Item 5. |
Interest in Securities of the Issuer. |
Item 5(a) is hereby amended by deleting such item in its entirety and replacing it with the following:
The percentages set forth below are calculated based on information contained in the Issuers Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2015, which disclosed that there were 157,583,222 Shares outstanding as of July 27, 2015.
(a) (i) Institutional
Partners II may be deemed to be the beneficial owner of 966,176 Shares held for its own account (approximately 0.6% of the total number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act).
(ii) Institutional Partners IIA may be deemed to be the beneficial owner of 2,434,097 Shares held for its own account (approximately 1.5% of the total
number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act).
(iii) Institutional Advisors II may be deemed
to be the beneficial owner of 3,400,273 Shares (approximately 2.2% of the total number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act). This number consists of (A) 966,176 Shares held for the account of
Institutional Partners II and (B) 2,434,097 Shares held for the account of Institutional Partners IIA.
(iv) Institutional Partners III
may be deemed to be the beneficial owner of 14,084,070 Shares held for its own account (approximately 8.9% of the total number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act).
(v) Institutional Advisors III may be deemed to be the beneficial owner of 14,084,070 Shares (approximately 8.9% of the total number of Shares
outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act). This number consists of 14,084,070 Shares held for the account of Institutional Partners III.
(vi) MHRC II may be deemed the beneficial owner of 3,400,273 Shares (approximately 2.2% of the total number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act). This
number consists of all of the Shares otherwise described in Item 5(a)(iii) by virtue of MHRC IIs position as the managing member of Institutional Advisors II.
(vii) Fund Management may be deemed to be the beneficial owner of 17,484,343 Shares (approximately 11.1% of the total number of Shares outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under
the Act). This number consists of all of the Shares otherwise described in this Item 5(a) by virtue of Fund Managements investment management agreement with Institutional Partners II, Institutional Partners IIA and Institutional Partners
III.
(viii) MHR Holdings may be deemed to be the beneficial owner of 17,484,343 Shares (approximately 11.1% of the total number of Shares
outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act). This number consists of all of the Shares otherwise described in this Item 5(a) by virtue of MHR Holdings position as the managing member of Fund Management.
(xix) Dr. Rachesky may be deemed the beneficial owner of 17,484,343 Shares (approximately 11.1% of the total number of Shares
outstanding, calculated in accordance with Rule 13d-3(d)(1)(i) under the Act). This number consists of all of the Shares otherwise described in this Item 5(a) by virtue of Dr. Racheskys position as the managing member of each of
MHRC II, Institutional Advisors III and MHR Holdings.
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SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Schedule 13D is true, complete and correct.
Date: August 24, 2015
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MHR INSTITUTIONAL PARTNERS III LP |
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By: MHR Institutional Advisors III LLC, its General Partner |
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By: |
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/s/ Janet Yeung |
Name: |
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Janet Yeung |
Title: |
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Authorized Signatory |
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MHR INSTITUTIONAL ADVISORS III LLC |
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By: |
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/s/ Janet Yeung |
Name: |
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Janet Yeung |
Title: |
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Authorized Signatory |
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MHR FUND MANAGEMENT LLC |
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By: |
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/s/ Janet Yeung |
Name: |
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Janet Yeung |
Title: |
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Authorized Signatory |
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MHR HOLDINGS LLC |
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By: |
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/s/ Janet Yeung |
Name: |
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Janet Yeung |
Title: |
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Authorized Signatory |
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MARK H. RACHESKY, M.D. |
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By: |
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/s/ Janet Yeung, Attorney in Fact |
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