Weatherford reports consents gained for 6˝% secured notes due 2028

By Mary-Katherine Stinson

Lexington, Ky., April 20 – Weatherford International plc as parent together with subsidiary Weatherford International Ltd. announced the success of its consent solicitation regarding its 6˝% senior secured first-lien notes due 2028, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The company received consents from holders of 97.62% of the aggregate principal amount of notes outstanding in order to amend the indenture governing the notes. The success of the consent solicitation required at least a majority of noteholders to consent.

Weatherford was 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 expired at 5 p.m. ET on April 19.

Upon gaining the requisite consents, Weatherford International Ltd. executed the second supplement to the indenture, which was effective upon execution. Consents were irrevocable after the supplemental indenture was executed or the expiration time, whichever is earlier.

Weatherford will pay a consent fee of $2.50 consent per $1,000 note, which will be paid promptly following the expiration time.

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).

Additionally, Weatherford International Ltd. announced it intends to redeem the remaining $105 million aggregate principal amount outstanding of its 11% senior notes due 2024 on May 22 at a redemption price of 102.75 plus accrued interest.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.