By Paul A. Harris
Portland, Ore., Feb. 21 – Weatherford International plc priced a $600 million issue of seven-year bullet notes (Caa1/B-) at 99.34 to yield 10% in a quick-to-market Wednesday trade, according to market sources.
The yield printed in the middle of yield talk in the 10% area. Initial guidance was in the 10¼% area.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC were the global coordinators. J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
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.
| Issuer: | Weatherford International plc
|
| Amount: | $600 million
|
| Maturity: | March 1, 2025
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Coupon: | 9 7/8%
|
| Price: | 99.34
|
| Yield: | 10%
|
| Spread: | 712 bps
|
| Call protection: | Non-callable
|
| Trade date: | Feb. 21
|
| Settlement date: | Feb. 28
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 10% area
|
| Marketing: | Quick to market
|
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