HOUSTON, Sept. 30, 2021 /PRNewswire/ -- Weatherford
International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced
that its wholly-owned subsidiary, Weatherford International Ltd.
(the "Issuer"), has closed its private offering of $500 million aggregate principal amount of 6.500%
senior secured first lien notes due 2028 (the "Secured Notes"). The
Secured Notes were issued under an indenture, dated September 30, 2021, among the Issuer, the
Company, the other guarantors parties thereto and Wilmington Trust,
National Association, as trustee and collateral agent.
The Issuer used the net proceeds from the offering and cash on
hand to redeem all of its 8.75% senior secured first lien notes due
2024 and pay related fees and expenses. 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, on October 20, 2021.
Girish Saligram, President and
Chief Executive Officer, commented, "Today's announcement is a
significant and important step in the evolution of our capital
structure. We remain committed to driving sustainable profitability
and free cash flow generation. Addressing the inefficiency of our
capital structure is among our highest priorities, and paying
down $200MM of the $500MM of callable unsecured notes demonstrates
our continued commitment to that priority. As we move forward, we
will remain focused on generating additional liquidity through
operational and structural improvements with the goal of further
improving our leverage."
The Secured Notes were offered only to persons reasonably
believed to be qualified institutional buyers in reliance on Rule
144A under the Securities Act of 1933, as amended (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 have not been and 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
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.
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.
Weatherford Investor Relations
SOURCE Weatherford International plc