Weatherford to sell $500 million seven-year secured notes on Tuesday; whisper high 6%-7% area

By Paul A. Harris

Portland, Ore., Sept. 20 – Weatherford International Ltd. plans to price a $500 million offering of seven-year senior secured first-lien notes (expected ratings Ba3/B) on Tuesday, according to market sources.

Initial guidance has the deal coming to yield in the high 6% to 7% area.

Deutsche Bank Securities Inc. is the left bookrunner. Wells Fargo Securities LLC, Barclays and Morgan Stanley & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Houston-based energy services company plans to use the proceeds plus cash on hand to redeem all of its outstanding 8 7/8% senior secured notes due Sept. 1, 2024 and $200 million of its 11% senior notes due Dec. 1, 2024.

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