BAAR, Switzerland, June 26, 2017 /PRNewswire/
-- Weatherford International plc (NYSE: WFT) (the
"Company" or "Weatherford") announced today the pricing of a
private offering (the "Offering") of an additional $250 million aggregate principal amount of its
9.875% senior notes due 2024 (the "New Notes") at 101% of par 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 New Notes will be senior, unsecured
obligations of Weatherford International Ltd. ("Weatherford
Bermuda"), a Bermuda exempted
company and indirect, wholly owned subsidiary of the Company.
The New 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 June 29, 2017, subject to customary closing
conditions.
The New Notes will be issued as additional securities under an
indenture pursuant to which Weatherford Bermuda previously issued
$540 million aggregate principal
amount of its 9.875% senior notes due 2024 (the "Initial Notes",
and together with the New Notes, the "Notes"). The New Notes will
have identical terms, other than the issue date, as the Initial
Notes, and the New Notes and the Initial Notes will be treated as a
single class of securities under the indenture governing the
Notes.
The purpose of the Offering is to repay amounts outstanding
under the Company's revolving credit facility, give the Company
additional liquidity throughout 2017, and provide assurance it will
comply with the financial covenants set forth in its senior
revolving and term loan credit facilities.
The New 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 90
countries and has a network of approximately 880 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 29,500 people.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements,
including those related to the Company's anticipated compliance
with the financial covenants in its revolving and term loan credit
facilities after the Offering and the use of proceeds therefrom.
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, 2016, 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
Contacts:
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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
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Vice President –
Investor Relations, Marketing and Communications
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SOURCE Weatherford International plc