BAAR, Switzerland, Nov. 15, 2016 /PRNewswire/
-- Weatherford International plc (NYSE: WFT) (the
"Company" or "Weatherford") announced today the pricing of an
upsized private offering (the "Offering") of $540 million aggregate principal amount of 9.875%
senior notes due 2024 (the "Notes") to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the "Securities Act"), and to certain non-U.S. persons in
accordance with Regulation S under the Securities Act. 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 Notes will be fully and
unconditionally guaranteed, on a senior, unsecured basis, by the
Company and by Weatherford International, LLC, a Delaware limited liability company and
indirect subsidiary of Weatherford Bermuda. The Offering is
expected to close November 18, 2016,
subject to customary closing conditions.
The purpose of the Offering is to repay amounts outstanding
under Weatherford Bermuda's revolving credit facility.
The Notes will not be registered under the Securities Act or any
state securities laws and may not be offered or sold in
the United States absent
registration or an applicable exemption from such registration
requirements.
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 1,000 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 31,000 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 Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2015, Quarterly Reports on Form 10-Q
for the subsequent quarterly periods 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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Chief Executive
Officer 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 and
Communications
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