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Weatherford Launches $1.0 Billion Public Note Offering
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Weatherford International plc announced the launch of concurrent underwritten public offerings of ordinary shares of the Company and mandatorily exchangeable subordinated notes of Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of the Company, for an expected combined amount of $1.0 billion. The Company retains the flexibility to adjust the relative proportions of the Notes and Shares offered in the Combined Offering.
The Shares and the Notes will be offered pursuant to an effective registration statement filed with the Securities and Exchange Commission.
The Company intends to use the net proceeds from the Combined Offering to pre-fund potential acquisitions and for general corporate purposes. Pending such use, the Company expects that the borrowings under its revolving credit facility and commercial paper program will be temporarily reduced with the proceeds of the Combined Offering.
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