Weatherford seeks consents to extend filing period under several notes

By Susanna Moon

Chicago, Aug. 2 - Weatherford International Ltd. (Weatherford Bermuda) and Weatherford International, Inc. (Weatherford Delaware), wholly owned subsidiaries of Weatherford Switzerland, began a solicitation of consents for several series of senior notes.

The companies are seeking consents to extend certain reporting requirements in the note indentures in connection with Weatherford Switzerland's previously announced delay in filing its second-quarter report and potential delay in filing its third-quarter report with the Securities and Exchange Commission, according to a company press release.

The proposed consents would permit Weatherford Switzerland to extend its obligation to file with the trustee copies of its quarterly and other SEC reports to no later than March 31, 2013.

Holders of record as of Aug. 1 for the following Weatherford Bermuda note series may participate in the solicitation:

• $294 million of 5.15% senior notes due 2013;

• $250 million of 4.95% senior notes due 2013;

• $350 million of 5.50% senior notes due 2016;

• $500 million of 6.00% senior notes due 2018;

• $1 billion of 9.625% senior notes due 2019;

• $800 million of 5.125% senior notes due 2020;

• $750 million of 4.50% senior notes due 2022;

• $600 million of 6.50% senior notes due 2036;

• $500 million of 7.00% senior notes due 2038;

• $250 million of 9.875% senior notes due 2039;

• $600 million of 6.75% senior notes due 2040; and

• $550 million of 5.95% senior notes due 2042.

The following are the Weatherford Delaware notes covered under the offer:

• $600 million of 6.35% senior notes due 2017 and

• $300 million of 6.80% senior notes due 2037.

The consent fee will be $2.50 in cash for each $1,000 principal amount of notes for which consents are delivered by 5 p.m. ET on Aug. 13.

Morgan Stanley & Co. LLC (800 624-1808 or collect 212 761-1057) and J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-2494) are the solicitation agents. D.F. King & Co., Inc. (800 859-8509 or for banks and brokers 212 269-5550) is the information and tabulation agent.

Weatherford is a oilfield services company based in Geneva.

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