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Weatherford lifts cap on tender offer for 11% notes to $1.6 billion
By Wendy Van Sickle
Columbus, Ohio, Oct. 14 – Weatherford International Ltd. increased the cap on its offer to purchase its $2.1 billion outstanding senior notes due 2024 (Cusip: 947075AP2) to $1.6 billion from $1.5 billion, according to a news release on Thursday.
As announced on Oct. 12, 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.
Also on Thursday, Weatherford issues a notice of conditional redemption providing for the redemption of up to $1.6 billion of the remaining notes not tendered in the tender offer. The actual amount will be determined by subtracting the amount of notes tendered in the tender offer from the $1.6 billion maximum amount.
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. Weatherford priced $1.6 billion of notes on Thursday with an expected settlement date on Oct. 27.
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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