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Weatherford International plc Announces Closing of Senior Secured Notes Offering
HOUSTON, Sept. 30, 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, Sept. 30, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") today announced that its wholly-owned subsidiary, Weatherford International Ltd. (the \"Issuer\"), has closed its private offering of $500 million aggregate principal amount of 6.500% senior secured first lien notes due 2028 (the \"Secured Notes\"). The Secured Notes were issued under an indenture, dated September 30, 2021, among the Issuer, the Company, the other guarantors parties thereto and Wilmington Trust, National Association, as trustee and collateral agent.\nThe Issuer used the net proceeds from the offering and cash on hand to redeem all of its 8.75% senior secured first lien notes due 2024 and pay related fees and expenses. The Issuer also intends to use cash on hand to redeem $200 million principal amount of its 11.0% senior notes due December 1, 2024, on October 20, 2021.\nGirish Saligram, President and Chief Executive Officer, commented, \"Today's announcement is a significant and important step in the evolution of our capital structure. We remain committed to driving sustainable profitability and free cash flow generation. Addressing the inefficiency of our capital structure is among our highest priorities, and paying down $200MM of the $500MM of callable unsecured notes demonstrates our continued commitment to that priority. As we move forward, we will remain focused on generating additional liquidity through operational and structural improvements with the goal of further improving our leverage.\"\nThe Secured Notes were offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"), and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.\nThe Secured Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent an effective registration statement or an applicable exemption from registration requirements or a transaction not subject to the registration requirements of the Securities Act or any state securities laws.\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy the Secured Notes or any...