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Weatherford Announces Launch of Consent Solicitation to Holders of its 6.500% Senior Secured First Lien Notes Due 2028
HOUSTON, April 12, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,”
About this update from Weatherford International Plc
[{"type":"text","content":"HOUSTON, April 12, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,” “we,” “us” and “our”) today announced that Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of Weatherford (“Weatherford Bermuda”), has commenced a consent solicitation (the “Consent Solicitation”) to solicit the consent of holders of its outstanding 6.500% Senior Secured First Lien Notes due 2028 (the “Notes”) for amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”). Amendment and Consent Weatherford Bermuda is conducting the Consent Solicitation to obtain the requisite holder consents to amend the Indenture to include exceptions to the “Limitation on Restricted Payments” covenant to permit the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of the 11.00% Senior Notes due 2024 of Weatherford Bermuda. The Consent Solicitation will expire at 5:00 p.m., New York City time, on April 19, 2023, or such later time and date to which the solicitation is extended or earlier terminated (the “Expiration Time”). Consents with respect to the Notes may not be revoked after the consent date, which is the earlier of (i) the date on which a supplemental indenture to the Indenture setting forth the Proposed Amendments is executed and (ii) the Expiration Time. The Consent Solicitation is contingent upon the satisfaction of certain conditions, including, without limitation, the receipt of consents of holders of at least a majority in aggregate principal amount of the outstanding Notes (the “Requisite Consents”) to the Proposed Amendments by the Expiration Time. As of April 12, 2023, holders of approximately 51.8% in principal amount of the outstanding Notes had expressed their intention to consent to the Proposed Amendments. If any of the conditions to the Consent Solicitation are not satisfied, Weatherford Bermuda is not obligated to accept any consent in the Consent Solicitation and may, in its sole discretion, terminate, extend or amend the Consent Solicitation. Subject to the terms and conditions of the Consent Solicitation, Weatherford Bermuda is offering holders of Notes who validly deliver (and do not validly revoke) their consents prior to the Expiration Time (each suc...