Business
Weatherford International plc Announces Cash Tender Offer for up to $1,500 million of Weatherford International Ltd.'s 11.00% Senior Notes Due 2024
HOUSTON, Oct. 12, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced that its wholly owned
About this update from Weatherford International Plc
[{"type":"text","content":"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\"), has commenced a tender offer (the \"Tender Offer\") to purchase for cash up to $1,500,000,000 aggregate principal amount of its outstanding 11.00% Senior Notes due 2024 (the \"Notes\").\nThe terms and conditions of the Tender Offer are described in an Offer to Purchase, dated October 12, 2021 (the \"Offer to Purchase\"). The following table summarizes the material pricing terms of the Tender Offer.\nTitle of Security\nOutstandingAggregate Principal Amount\nMaximum TenderAmount\nCUSIP / ISIN\nTender Offer Consideration(1)\nEarly Tender Payment(2)\nTotalConsideration\n(1)(3)\nSenior Notesdue 2024\n$2,100,000,000(4)\n$1,500,000,000\n947075AP2 / US947075AP29 \n$1,014.76\n$50.00\n$1,064.76\n(1)\nPer $1,000 principal amount of Notes validly tendered and accepted for payment.\n(2)\nPer $1,000 principal amount of Notes validly tendered and not validly withdrawn prior to the Early Tender Deadline and accepted for payment.\n(3)\nIncludes the Tender Offer Consideration and Early Tender Payment.\n(4)\nOf the $2,100,000,000 outstanding aggregate principal amount of Notes as of the date hereof, $200,000,000 in aggregate principal amount of Notes have been called for redemption at a price of 103.000% of the principal amount thereof, plus accrued and unpaid interest to the redemption date. The redemption of such Notes in the $200,000,000 aggregate principal amount is expected to occur on October 20, 2021. Prior to December 1, 2022, the Issuer may redeem up to an additional $300 million in the aggregate principal amount of the Notes at a redemption price of 103.000% of the principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, to the redemption date. The Issuer intends to issue a notice of conditional redemption providing for the redemption of up to $1,500,000,000 aggregate principal amount of the Issuer's remaining outstanding Notes not tendered and purchased in the Tender Offer (the \"Concurrent Redemption\"). The principal amount of the Notes to be redeemed will be equal to the difference between (i) $1.5 billion and (ii) the aggregate principal amount of the Notes purchased by the Issuer in th...