Weatherford solicits consents for 6˝% senior secured notes due 2028

Chicago, April 12 – Weatherford International plc as parent together with subsidiary Weatherford International Ltd. launched a consent solicitation to holders of its 6˝% senior secured first-lien notes due 2028 on Wednesday evening, according to a press release.

The company is seeking to amend the indenture governing the notes.

Weatherford is conducting the solicitation to include exceptions to the “limitation on restricted payments” covenant to permit the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of the 11% senior notes due 2024 of Weatherford International Ltd.

The solicitation will expire at 5 p.m. ET on April 19.

Consents may not be revoked after the supplemental indenture is executed or the expiration time, whichever is earlier.

At least a majority of noteholders must consent by the expiration time.

As of Wednesday, holders of 51.8% principal amount of the notes had expressed their intention to consent.

Weatherford is offering a $2.50 consent per $1,000 note.

The payment of the consent fee is subject to the company obtaining the requisite consents.

The consent fee will be paid promptly following the expiration time, subject to the conditions of the consent solicitation being satisfied.

Wells Fargo Securities, LLC is serving as the solicitation agent (866 309-6316).

D.F. King & Co., Inc. is the information and tabulation agent for the offer (800 848-3410, weatherford@dfking.com).

Weatherford is an oilfield services company with operational headquarters in Houston.

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