BAAR, Switzerland, Oct. 23, 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, has
completed its offer 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 exchange offer, which expired at 5:00
p.m., New York City time,
on October 20, 2017, fulfilled the
Company'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 Company exchanged $789,702,000
of the Private Notes that were outstanding for Exchange
Notes. The Private Notes not tendered for exchange in the
exchange offer remain outstanding and continue to accrue interest,
but no longer have any rights under the registration rights
agreements, except in limited circumstances.
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.
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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