Weatherford to price $600 million seven-year bullet on Wednesday; whisper is 10¼% area

By Paul A. Harris

Portland, Ore., Feb. 21 – Weatherford International plc plans to price a $600 million offering of seven-year bullet notes (Caa1/B-) in a quick-to-market Wednesday trade, according to market sources.

Initial guidance has the deal coming to yield in the 10¼% area.

Deutsche Bank Securities Inc. is leading the Rule 144A and Regulation S offering.

The Baar, Switzerland-based oilfield services company plans to use the proceeds to pay off its 6% senior notes due March 2018, to fund a concurrently announced tender offer for its 9 5/8% senior notes due 2019 and for other debt repayment.

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