Weatherford talks $1.5 billion 8.5-year senior notes at 8¾% area; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 14 – Weatherford International Ltd. talked its $1.5 billion offering of 8.5-year senior notes (B3/CCC+) in the 8¾% area, according to market sources.

Official talk comes tight to initial guidance in the high 8% area.

Books were schedule to close at noon ET on Thursday, and the deal is set to price thereafter.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. Wells Fargo Securities LLC, Barclays and Deutsche Bank Securities Inc. are the joint bookrunners.

Citigroup Global Markets Inc., R. Seelaus & Co. Inc. and Standard Chartered Bank are the co-managers.

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

The Houston-based oilfield services provider plans to use the proceeds to partially repurchase or redeem its 11% senior notes due 2024.

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