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Weatherford reports tenders for 97.16% of notes by early deadline
Chicago, Oct. 26 – Weatherford International Ltd. announced that noteholders have tendered 97.16% of the $1.9 billion currently outstanding 11% notes due 2024 (Cusip: 947075AP2), according to a press release.
Noteholders tendered $1,846,040,000 of the notes.
The company is offering to buy $1.6 billion of the notes, an amount that was increased from the initial offer for $1.5 billion of the notes.
The offer is therefore oversubscribed and tendered notes will be accepted on a prorated basis.
At the start of the offer $2.1 billion of the notes were outstanding; however, Weatherford called $200 million of the notes for redemption at 103 on Oct. 20.
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 settlement date.
The company may also redeem additional notes at 103 before Dec. 1, 2022.
The early tender deadline and the withdrawal deadline were 5 p.m. ET on Oct. 25.
Early settlement is planned for Oct. 27.
The offer technically expires at midnight ET on Nov. 8. However, the offer has been oversubscribed and no more notes will be accepted for purchase.
Settlement of the tender offer was expected to be on Nov. 10.
The offer was subject to a financing condition, which is expected to be satisfied on Oct. 27.
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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