BAAR, Switzerland, Nov. 16, 2016 /PRNewswire/ -- Weatherford
International plc (NYSE: WFT) (the "Company" or "Weatherford")
today announced that it has entered into a definitive agreement to
sell 84,500,000 ordinary shares at a per share price of
$5.40, a 5% premium to the closing
price of the ordinary shares on November 15,
2016, in a registered direct offering for initial gross
proceeds of $456 million.
The Company also agreed to issue warrants to purchase up to an
aggregate of 84,500,000 ordinary shares which, if exercised at a
future date, would result in additional proceeds of $543 million, bringing the total potential gross
proceeds to approximately $1
billion.
The warrants have an exercise price of $6.43 per share, representing a 25% premium to
the closing price of the ordinary shares on November 15, 2016 and a 45% premium to the 10-day
volume weighted average price of the ordinary shares, and are
exercisable on any day on or after the issuance date through the
expiration date of May 21, 2019.
The Company intends to use the proceeds from this offering for
general corporate purposes, including the repayment of debt.
The offering is expected to close on or about November 21, 2016, subject to the satisfaction of
customary closing conditions. J.P. Morgan Securities LLC served as
the sole placement agent for the offering.
A shelf registration statement relating to these securities was
previously filed and declared effective by the Securities and
Exchange Commission ("Commission"). The Securities may be offered
only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A
preliminary prospectus supplement related to the offering has been
filed with the Commission and is available on the Commission's
website at http://www.sec.gov. When available, copies of the final
prospectus supplement relating to this offering can be obtained at
the Commission's website at http://www.sec.gov or from J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, or by calling 1-866-803-9204.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities described above, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
ABOUT WEATHERFORD INTERNATIONAL PLC
Weatherford is one of the largest multinational oilfield service
companies providing innovative solutions, technology and services
to the oil and gas industry. The Company operates in over 100
countries and has a network of approximately 1,000 locations,
including manufacturing, service, research and development, and
training facilities and employs approximately 31,000 people.
FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements as
defined under federal law, including those related to the Company's
potential securities offering and use of proceeds. These
forward-looking statements are generally identified by the words
"believe," "expect," "anticipate," "estimate," "intend," "plan,"
"may," "should," "could," "will," "would," and "will be," and
similar expressions, although not all forward-looking statements
contain these identifying words. Such statements are subject to
significant risks, assumptions and uncertainties. Known material
factors that could cause the Company's actual results to differ
materially from the results contemplated by such forward-looking
statements are described in the prospectus as supplemented, which
is a part of the registration statement, and the risk factors
described in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2015
and those risk factors set forth from time-to-time in other filings
with the SEC. Weatherford undertakes no obligation to correct or
update any forward-looking statement, whether as a result of new
information, future events, or otherwise, except to the extent
required under federal securities laws.
Investor
Contact:
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Krishna
Shivram
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+1.713.836.4610
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Chief Executive
Officer and Chief Financial Officer
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Karen
David-Green
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+1.713.836.7430
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Vice President –
Investor Relations, Corporate Marketing and
Communications
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