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Weatherford Heads to Debt Market; $1.0 Billion in Senior Notes
Weatherford International plc announced the launch of an underwritten public offering of $1.0 billion aggregate principal amount of exchangeable senior notes due 2021 by Weatherford International Ltd., a Bermuda exempted company and indirect, wholly owned subsidiary of the Company. The underwriters will also have an option for 30 days to purchase up to an additional $150 million aggregate principal amount of Notes.
The Company intends to use the proceeds from the Offering to fund all or a portion of tender offers to purchase for cash certain of its 6.35% senior notes due 2017, 6.00% senior notes due 2018, 9.625% senior notes due 2019 and 5.125% senior notes due 2020 in an aggregate purchase price equal to the proceeds of the Offering.
In the event the tender offers, which are subject to market conditions and other factors, are not consummated or the aggregate purchase price for the notes tendered and accepted for payment is less than the proceeds of the Offering, we may use such proceeds to repay or retire other outstanding indebtedness, which may include amounts under Weatherford Bermuda's revolving credit facility.
RBC Capital Markets and Citigroup will act as joint book-running managers for the Offering. RBC Capital Markets will act as sole structuring advisor.
/Book Runner
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