HOUSTON, Sept. 20, 2021 /PRNewswire/ -- Weatherford
International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today
announced that its wholly owned subsidiary, Weatherford
International Ltd. (the "Issuer"), is proposing to issue
$500 million aggregate principal
amount of senior secured first lien notes due 2028 (the "Secured
Notes") in a private offering that is exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"). The Secured Notes will be guaranteed by the
Company and the same subsidiaries of the Company that guarantee the
Issuer's 8.75% Senior Secured Notes due 2024 (the "2024 Secured
Notes"). The offering is subject to market conditions and other
factors.
The Issuer intends to use the net proceeds from the offering and
cash on hand to redeem all of its outstanding 2024 Secured Notes
and pay related fees and expenses. If the offering of the Secured
Notes is completed, the Issuer also intends to use cash on hand to
redeem $200 million principal amount
of its 11.0% senior notes due December 1,
2024.
The Secured Notes are being offered only to persons reasonably
believed to be qualified institutional buyers in reliance on Rule
144A under the Securities Act, and outside the United States, only to non-U.S. investors
pursuant to Regulation S under the Securities Act. The Secured
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 an effective
registration statement or an applicable exemption from registration
requirements or a transaction not subject to the registration
requirements of the Securities Act or any state securities
laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the Secured Notes or any other
securities and shall not constitute an offer, solicitation or sale
in any jurisdiction in which such offer, solicitation or sale would
be unlawful.
Forward Looking Statements
This news release contains forward-looking statements
concerning, among other things, the Company's strategy and
financing plans and goals. These forward-looking statements are
also generally identified by the words "intends", "believe,"
"project," "expect," "anticipate," "estimate," "outlook," "budget,"
"intend," "strategy," "plan," "guidance," "may," "should," "could,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
based upon the current beliefs of Weatherford's management and are subject to
significant risks, assumptions, and uncertainties. Should one or
more of these risks or uncertainties materialize, or underlying
assumptions prove incorrect, actual results may vary materially
from those indicated in our forward-looking statements. Readers are
cautioned that forward-looking statements are only predictions and
may differ materially from actual future events or results,
including the price and price volatility of oil and natural gas;
the extent or duration of business interruptions, demand for oil
and gas and fluctuations in commodity prices associated with
COVID-19 pandemic; general global economic repercussions related to
COVID-19 pandemic; the macroeconomic outlook for the oil and gas
industry; and operational challenges relating to the COVID-19
pandemic and efforts to mitigate the spread of the COVID-19 virus
and COVID-19 variants, including logistical challenges, protecting
the health and well-being of our employees, remote work
arrangements, performance of contracts and supply chain
disruptions; financial market conditions and availability of
capital; our ability to generate cash flow from operations to fund
our operations; and the realization of additional cost savings and
operational efficiencies. Forward-looking statements are also
affected by the risk factors described in the Company's Annual
Report on Form 10-K for the year ended December 31, 2020, and those set forth from
time-to-time in the Company's other filings with the Securities and
Exchange Commission. The Company 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.
About Weatherford
Weatherford is a leading global
energy services company. Operating in approximately 75 countries,
the Company answers the challenges of the energy industry with its
global talent network of approximately 17,000 team members and
approximately 365 operating locations, including manufacturing,
research and development, service, and training facilities.
Contact:
Weatherford Investor Relations
+1 713-836-7777
investor.relations@weatherford.com
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SOURCE Weatherford International plc