By Andrea Heisinger
New York, Sept. 16 - Weatherford International Ltd. (Bermuda) sold $1.4 billion of senior unsecured notes (Baa2/BBB/) on Thursday in two tranches, according to an FWP filing with the Securities and Exchange Commission.
An $800 million tranche of 5.125% 10-year notes priced at 99.862 to yield 5.143% with a spread of 237.5 basis points over Treasuries. The notes are callable at the greater of par and a make-whole of Treasuries plus 35 bps.
A $600 million tranche of 6.75% 30-year bonds sold at 99.594 to yield 6.782% with a spread of Treasuries plus 285 bps. The bonds can be redeemed at the greater of par or a make-whole of 45 bps over Treasuries.
Both tranches feature a change-of-control put at 101%.
Deutsche Bank Securities, Morgan Stanley & Co., UBS Investment Bank and J.P. Morgan Securities were the bookrunners.
Co-managers were Credit Agricole CIB, RBS Securities and Wells Fargo Securities.
Proceeds will be used to fund offers to repurchase notes, to repay existing short-term debt and for general corporate purposes.
The deal is guaranteed by Weatherford International Ltd. (Switzerland) and Weatherford International Inc.
The oil and natural gas well production company is based in Geneva, Switzerland.
| Issuer: | Weatherford International Ltd. (Bermuda)
|
| Guarantors: | Weatherford International Ltd. (Switzerland), Weatherford International Inc.
|
| Issue: | Senior unsecured notes
|
| Amount: | $1.4 billion
|
| Bookrunners: | Deutsche Bank Securities, Morgan Stanley & Co., UBS Investment Bank, J.P. Morgan Securities
|
| Co-managers: | Credit Agricole CIB, RBS Securities, Wells Fargo Securities
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
|
|
| 10-year notes
|
| Amount: | $800 million
|
| Maturity: | Sept. 15, 2020
|
| Coupon: | 5.125%
|
| Price: | 99.862
|
| Yield: | 5.143%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call: | At greater of par or make-whole of Treasuries plus 35 bps
|
|
|
| 30-year bonds
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2040
|
| Coupon: | 6.75%
|
| Price: | 99.594
|
| Yield: | 6.782%
|
| Spread: | Treasuries plus 285 bps
|
| Call: | At greater of par or a make-whole of Treasuries plus 45 bps
|
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