HOUSTON, Oct. 12, 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 $1,500
million aggregate principal amount of senior notes due 2030
(the "Notes") in a private offering that is exempt from the
registration requirements of the Securities Act of 1933, as amended
(the "Securities Act"). The Notes will be guaranteed by the Company
and the same subsidiaries of the Company that guarantee the
Issuer's 6.50% Senior Secured First Lien Notes due September 15, 2028. 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 purchase, in a separately announced tender offer,
or redeem, up to $1,500 million
principal amount of its 11.00% senior notes due December 1, 2024.
The 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 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 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
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
Weatherford Global Communications
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SOURCE Weatherford International plc