Weatherford offers to buy up to $1.5 billion of 11% notes due 2024

Chicago, Oct. 12 – Weatherford International Ltd. has offered to purchase up to $1.5 billion of its $2.1 billion outstanding senior notes due 2024 (Cusip: 947075AP2), according to a notice.

The company is offering a total consideration of $1,064.76 per $1,000 note, an amount that includes an early tender consideration of $50.

Accrued interest will also be paid to the applicable settlement date.

Weatherford has called $200 million of the notes for redemption at 103 on Oct. 20.

The company may also redeem an additional $300 million of the notes at 103 before Dec. 1, 2022.

Weatherford intends to issue a notice of conditional redemption providing for the redemption of up to $1.5 billion of the remaining notes not tendered in the tender offer. The notes will be redeemed at par plus the make-whole premium on Nov. 15.

Both the conditional redemption and the tender offer are conditioned upon Weatherford receiving at least $1.5 billion from the sale of new notes.

The early tender deadline and the withdrawal deadline are 5 p.m. ET on Oct. 25.

Early settlement is planned for Oct. 27.

The offer expires at midnight ET on Nov. 8.

Settlement of the tender offer is expected to be on Nov. 10.

Tenders may be prorated if the cap is exceeded.

Morgan Stanley is the dealer manager for the offer (800 624-1808, 212 761-1057).

D.F. King & Co., Inc is the information and tender agent for the offer (800 290-6428, 212 269-5550, weatherford@dfking.com).

Weatherford is a Houston-based energy services company.

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