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Weatherford International plc announced today the pricing of its previously announced underwritten public offering of 100,000,000 ordinary shares at $5.65 per ordinary share (the "Offering"). The total aggregate proceeds from the Offering are approximately $565 million before deducting underwriting discounts and commissions and the estimated offering expenses. The underwriters have been granted a 30-day option to purchase up to an additional 15,000,000 ordinary shares from the Company at the public offering price less the underwriting discount. The Offering is scheduled to close on March 7, 2016, subject to customary closing conditions.
The Company intends to use the net proceeds from the Offering for general corporate purposes, including the repayment of existing indebtedness.
J.P. Morgan and Morgan Stanley are acting as joint book-running managers of the Offering.
As you might remember, the company attempted to raise $1.0 Billion back in September of 2015. Investor drove the stock down and the company cancelled the offering.
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