BAAR, Switzerland, June 10, 2016 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
announced today the pricing of an upsized underwritten public
offering (the "Offering") of $1.5
billion aggregate principal amount of senior notes,
consisting of $750,000,000
aggregate principal amount of 7.750% senior notes due 2021 (the
"2021 Notes") and $750,000,000
aggregate principal amount of 8.250% senior notes due 2023 (the
"2023 Notes" and, together with the 2021 Notes, the "Notes").
The Notes will be senior, unsecured obligations of Weatherford
International Ltd., a Bermuda
exempted company and indirect, wholly owned subsidiary of the
Company ("Weatherford Bermuda"). The Offering is expected to
close June 17, 2016, subject to
customary closing conditions.
The Company intends to use the net proceeds from the Offering to
fund an increase to the maximum aggregate purchase price for its
recently announced tender offers from $1.1
billion to $2.6 billion. The
tender offers were made to purchase for cash certain of its 6.35%
senior notes due 2017, 6.00% senior notes due 2018, 9.625% senior
notes due 2019 and 5.125% senior notes due 2020 (the "Tender
Offers"). In the event the Tender Offers, which are subject to
market conditions and other factors, are not consummated, or the
aggregate amount of securities tendered in the Tender Offers and
accepted for payment is less than the net proceeds of the Offering,
we may use such proceeds to repay or retire other outstanding
indebtedness, which may include amounts under Weatherford Bermuda's
revolving credit facility.
Deutsche Bank Securities and Wells Fargo Securities are acting
as joint global coordinators and bookrunners for the Offering.
Citigroup, J.P. Morgan, Morgan Stanley and MUFG are acting as joint
book-running managers for the Offering. Barclays, BBVA, RBC Capital
Markets, SEB, Standard Chartered Bank, TD Securities and UniCredit
Capital Markets are acting as co-managers for the Offering.
The Offering is being made pursuant to an effective registration
statement previously filed with the U.S. Securities & Exchange
Commission (the "SEC"). A preliminary prospectus supplement and
accompanying prospectus describing the terms of the Offering have
been filed with the SEC, and may be obtained free of charge at the
SEC's website at www.sec.gov or from the joint global coordinators
and bookrunners of the Offering as follows:
Deutsche Bank
Securities
60 Wall
Street
New York, NY
10005-2836
Attention: Prospectus
Group
Telephone: (800)
503-4611
Email:
prospectus.cpdg@db.com
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Wells Fargo
Securities
Attention: WFS
Customer Service
608 2nd Ave S, Suite
1000
Minneapolis, MN
55402
Telephone: (800)
645-3751 Opt 5
Email:
wfscustomerservice@wellsfargo.com
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This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
ABOUT WEATHERFORD INTERNATIONAL PLC
Weatherford is one of the largest multinational oilfield service
companies providing innovative solutions, technology and services
to the oil and gas industry. The Company operates in over 100
countries and has a network of approximately 1,100 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 33,100 people.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements as
defined under federal law, including those related to the Company's
potential securities offering, use of proceeds and tender offers.
These forward-looking statements are generally identified by the
words "believe," "expect," "anticipate," "estimate," "intend,"
"plan," "may," "should," "could," "will," "would," and "will be,"
and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
subject to significant risks, assumptions and uncertainties. Known
material factors that could cause the Company's actual results to
differ materially from the results contemplated by such
forward-looking statements are described in the prospectus as
supplemented, which is a part of the registration statement, and
the risk factors described in the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2015 and those risk factors set forth from time-to-time in
other filings with the SEC. Weatherford undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events, or otherwise, except to
the extent required under federal securities laws.
Investor
Contact:
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Krishna
Shivram
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+1.713.836.4610
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Executive Vice
President and Chief Financial Officer
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Karen
David-Green
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+1.713.836.7430
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Vice President –
Investor Relations, Corporate Marketing &
Communications
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