Weatherford gets consents to extend filing period for several notes

By Susanna Moon

Chicago, Aug. 13 - Weatherford International Ltd. (Weatherford Bermuda) and Weatherford International, Inc. (Weatherford Delaware), wholly owned subsidiaries of Weatherford Switzerland, obtained the needed consents to delay filing securities reports under several series of senior notes.

The consents allow Weatherford to extend the due date under its note indentures for providing its 10-Q filings for the second and third fiscal quarters of 2012 to March 31, 2013, according to a company press release.

The consent fee will be $2.50 in cash for each $1,000 principal amount of notes for which consents are delivered by 5 p.m. ET on Aug. 13. The solicitation began on Aug. 2.

Holders must be of record as of Aug. 1 for the following Weatherford Bermuda note series:

• $294 million of 5.15% senior notes due 2013;

• $250 million of 4.95% senior notes due 2013;

• $350 million of 5.50% senior notes due 2016;

• $500 million of 6.00% senior notes due 2018;

• $1 billion of 9.625% senior notes due 2019;

• $800 million of 5.125% senior notes due 2020;

• $750 million of 4.50% senior notes due 2022;

• $600 million of 6.50% senior notes due 2036;

• $500 million of 7.00% senior notes due 2038;

• $250 million of 9.875% senior notes due 2039;

• $600 million of 6.75% senior notes due 2040; and

• $550 million of 5.95% senior notes due 2042.

The following were the Weatherford Delaware notes covered under the offer:

• $600 million of 6.35% senior notes due 2017; and

• $300 million of 6.80% senior notes due 2037.

Morgan Stanley & Co. LLC (800 624-1808 or collect 212 761-1057) and J.P. Morgan Securities LLC (866 834-4666 or collect 212 834-2494) were the solicitation agents. D.F. King & Co., Inc. (800 859-8509 or for banks and brokers 212 269-5550) was the information and tabulation agent.

Weatherford is a oilfield services company based in Geneva.

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