BAAR, Switzerland, Feb. 21, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
announced today the launch of a private offering (the "Offering")
of $600 million aggregate principal
amount of senior notes due 2025 (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, LLC, a Delaware limited liability company and an
indirect, wholly owned subsidiary of the Company. The Notes will be
fully and unconditionally guaranteed, on a senior, unsecured basis,
by the Company and by Weatherford International Ltd., a
Bermuda exempted company and an
indirect, wholly owned subsidiary of the Company.
The purpose of the Offering is to repay in full the Company's
6.00% senior notes due March 2018, to
fund a concurrently announced tender offer (the "Tender Offer") to
purchase for cash any and all of the Company's 9.625% senior notes
due 2019 and for debt repayment. The Offering is not conditioned on
the consummation of the Tender Offer. The Tender Offer is
conditioned on, among other things, the Offering.
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 approximately
90 countries and has a network of approximately 880 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 29,200 people.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements,
including, but not limited to, those related to the Offering and
the use of proceeds therefrom, including the repayment of the 2018
Notes and the Tender Offer. 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,
2017 and those risk factors set forth from time-to-time in
other filings with the Securities and Exchange Commission.
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
Contacts:
|
|
Christoph
Bausch
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+1.713.836.4615
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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
|
Vice President
– Investor Relations, Marketing and
Communications
|
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