HOUSTON, September 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 the total principal amount of 6,500% securities first secured by the first mandatory guarantee for 2028 (“Secured Notes”). Secured records are issued according to an indenture, dated September 30, 2021, between the Issuer, the Company, its other guarantor parties and the Wilmington Trust, National Association, as trustees and collateral.
The issuer used the net proceeds from the offer and cash to pay off all the first notes of the first secured guarantee of 8.75% due to 2024 and to pay the associated fees and expenses. The issuer also intends to use cash to redeem $ 200 million principal settlement amount of its high notes of 11.0% December 1, 2024, on October 20, 2021with
Girish Saligram, The President and CEO, commented, “Today ‘s announcement is a significant and important step in the evolution of our capital structure. We remain committed to promoting sustainable profitability and generating free cash flow. Addressing the inefficiency of the structure Our capital is one of our highest priorities, and paying $ 200 million out of $ 500 million of unsecured records called shows our continued commitment to that priority.We move forward, we will remain focused on generating liquidity additional through operational and structural improvements in order to further improve our leverage. “
Secured records were provided only to persons believed to be qualified institutional buyers, relying on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and abroad United States, only for non-US investors in accordance with Regulation S under the Securities Act.
Secured notes are not and will not be registered under the Securities Act or any government securities laws and may not be offered or sold on United States lacks an effective registration statement or an enforceable exemption from registration requirements or a transaction that is not subject to the Securities Act registration requirements or any state securities law.
This press release shall not constitute an offer to sell or a request for an offer to purchase Secured Notes or any other securities and shall not constitute an offer, request or sale in any jurisdiction in which a such offer, request or sale would be illegal.
Preliminary Statement Statements
This news release contains future statements regarding, inter alia, the Company’s strategy and funding plans and goals. These future statements are also generally identified by the words “aims”, “believe”, “project”, “expect”, “anticipates”, “evaluates”, “perspective”, “budget”, “aims”, “strategy”, ” “plan”, “instruction”, “can”, “should”, “can”, “will”, “will”, “will be”, “will continue”, “most likely will result” and similar expressions, though not all future statements contain these identifying words. Such statements are based on current beliefs of E Weatherford -it management and are subject to significant risks, assumptions and uncertainties. If one or more of these risks or uncertainties materialize, or the underlying assumptions turn out to be incorrect, the actual results may differ materially from those shown in our future statements. Readers are warned that future statements are only forecasts and may differ materially from current events or future results, including volatility in oil and natural gas prices and prices; the extent or duration of business disruptions, demand for oil and gas, and fluctuations in commodity prices related to the COVID-19 pandemic; the overall global economic consequences of the COVID-19 pandemic; macroeconomic outlook for the oil and gas industry; and operational challenges related to the COVID-19 pandemic and efforts to mitigate the spread of COVID-19 virus and COVID-19 variants, including logistical challenges, protection of the health and well-being of our employees, distance work arrangements, contract execution and supply chain disruptions; financial market conditions and capital availability; our ability to generate cash flow from operations to finance our operations; and realizing additional cost savings and operational efficiency. Future statements are also affected by the risk factors described in the Company Annual Report on Form 10-K for the year completed. 31 December 2020, and those specified from time to time in other Company files with the Securities and Exchange Commission. The Company assumes no obligation to correct or update any future statements, whether as a result of new information, future events, or otherwise, except to the extent required by federal securities laws.
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company responds to the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 365 operating locations, including production, research and development, training services and equipment.
Weatherford Investor Relations
BURIMI Weatherford International plc
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