Weatherford sees tenders of $425.1 million 9 5/8% senior notes due 2019

By Wendy Van Sickle

Columbus, Ohio, Feb. 27 – Weatherford International plc said that indirect wholly owned subsidiary Weatherford International Ltd. received and accepted tenders of $425,102,000 of its $485,196,000 of 9 5/8% senior notes due 2019 in its offer that ended at 5 p.m. ET on Feb. 27.

The purchase price is $1,069 for each $1,000 principal amount for a total purchase price of $454,434,000, according to a company announcement.

Tendered notes could be withdrawn until the offer ended.

The tender is conditioned on closing of a concurrent offering $600 million 9 7/8% seven-year senior notes by Weatherford International, LLC, which is expected to occur on Wednesday. The tender offer is expected to settle on Wednesday as well.

The company also expects to accept for payment all notes that remain subject to guaranteed delivery procedures and to make payment for those notes on March 2. The amount of those notes was not disclosed.

The offer opened on Feb. 21.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527), Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Skandinaviska Enskilda Banken AB (publ), TD Securities (USA) LLC, RBC Capital Markets, LLC, Barclays, Standard Chartered Bank, UniCredit Capital Markets LLC and BBVA Securities Inc. are the dealer managers. D.F. King & Co., Inc. (888 541-9895, weatherford@dfking.com or dfking.com/weatherford) is the tender agent and the information agent.

Weatherford is an oilfield services company based in Baar, Switzerland.

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