BAAR, Switzerland, Dec. 27, 2018 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
announced today that Weatherford International, LLC ("Weatherford Delaware"), a Delaware limited
liability company and indirect, wholly owned subsidiary of the
Company, is offering to exchange up to $600
million aggregate principal amount of its 9.875% Senior
Notes due 2025, which were issued in a private placement on
February 28, 2018 (the "Private
Notes"), for up to $600 million
aggregate principal amount of 9.875% Senior Notes due 2025 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 Delaware and are guaranteed by the
Company and Weatherford International Ltd., a wholly owned,
indirect subsidiary of the Company.
The sole purpose of the exchange offer is to fulfill
Weatherford Delaware's obligations
with respect to the registration of the Private
Notes. Pursuant to a registration rights agreement
entered into by Weatherford Delaware
in connection with the sale of the Private Notes, Weatherford Delaware 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 January 28, 2019, 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offer may be withdrawn at any time prior to the expiration date by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 710 locations, including manufacturing,
service, research and development, and training facilities and
employs approximately 28,450 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, 2017,
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:
Christoph Bausch
+1.713.836.4615
Executive Vice President and Chief Financial Officer
Karen David-Green
+1.713.836.7430
Senior Vice President Stakeholder Engagement & Chief
Marketing Officer
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SOURCE Weatherford International plc