BAAR, Switzerland, Sept. 22, 2017 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
announced today that Weatherford International Ltd. ("Weatherford
Bermuda"), a Bermuda exempted
company and indirect, wholly owned subsidiary of the Company, is
offering to exchange up to $790
million aggregate principal amount of its 9.875% Senior
Notes due 2024, which were issued in private placements on
November 18, 2016 and June 29, 2017 (the "Private Notes"), for up to
$790 million aggregate principal
amount of 9.875% Senior Notes due 2024 that have been registered
under the Securities Act of 1933, as amended (the "Exchange
Notes"). The Private Notes and the Exchange Notes are senior
unsecured obligations of Weatherford Bermuda and are guaranteed by
the Company and Weatherford International, LLC, a wholly owned,
indirect subsidiary of the Company.
The sole purpose of the exchange offer is to fulfill Weatherford
Bermuda's obligations with respect to the registration of the
Private Notes. Pursuant to registration rights agreements
entered into by Weatherford Bermuda in connection with the sale of
the Private Notes, Weatherford Bermuda agreed to file with the
Securities and Exchange Commission (the "SEC") a registration
statement relating to the exchange offer pursuant to which the
Exchange Notes, containing substantially identical terms to the
Private Notes, would be offered in exchange for Private Notes that
are tendered by the holders of those notes. The registration
statement has been declared effective by the SEC.
The exchange offer will expire at 5:00
p.m., New York City time,
on October 20, 2017, unless
extended. Private Notes tendered pursuant to the exchange
offer may be withdrawn at any time prior to the expiration date by
following the procedures set forth in the exchange offer
prospectus. Any Private Notes not tendered for exchange in
the exchange offer will remain outstanding and continue to accrue
interest, but will not retain any rights under the registration
rights agreement, except in limited circumstances.
The terms of the exchange offer are contained in the exchange
offer prospectus and related letter of transmittal. Requests
for assistance or for copies of the exchange offer prospectus and
related letter of transmittal should be directed to the exchange
agent, by registered and certified mail or by regular mail or
courier to DB Services Americas, Inc., Attention: Reorg.
Department, 5022 Gate Parkway, Suite 200, Jacksonville, FL 32256.
This press release shall not constitute an offer to exchange or
a solicitation of an offer to exchange the Private Notes. The
exchange offer is being made only by the exchange offer prospectus
and only to such persons and in such jurisdictions as is permitted
under applicable law.
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 860 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 regarding the timing of the exchange 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 affect such forward-looking statements
are described in the Company's filings with the SEC, including its
Registration Statement on Form S-4, 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.
Weatherford Contacts:
Christoph Bausch
Executive Vice President and Chief Financial Officer
+1.713.836.4615
Karen David-Green
Vice President – Investor Relations, Marketing and
Communications
+1.713.836.7430
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