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Weatherford International plc Announces the Commencement of a $500,000,000 Senior Secured Notes Offering
HOUSTON, Sept. 20, 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. 20, 2021 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") today announced that its wholly owned subsidiary, Weatherford International Ltd. (the \"Issuer\"), is proposing to issue $500 million aggregate principal amount of senior secured first lien notes due 2028 (the \"Secured Notes\") in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended (the \"Securities Act\"). The Secured Notes will be guaranteed by the Company and the same subsidiaries of the Company that guarantee the Issuer's 8.75% Senior Secured Notes due 2024 (the \"2024 Secured Notes\"). The offering is subject to market conditions and other factors. \nThe Issuer intends to use the net proceeds from the offering and cash on hand to redeem all of its outstanding 2024 Secured Notes and pay related fees and expenses. If the offering of the Secured Notes is completed, 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.\nThe Secured Notes are being offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Secured Notes 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 other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. \nForward Looking Statements \nThis news release contains forward-looking statements concerning, among other things, the Company's strategy and financing plans and goals. These forward-looking statements are also generally identified by the words \"intends\", \"believe,\" \"project,\" \"expect,\" \"anticipate,\" \"estimate,\" \"outlook,\" \"budget,\" \"intend,\" \"strat...