Weatherford Prices Public Offering of 100,000,000 Ordinary Shares
Weatherford Prices Public Offering of 100,000,000 Ordinary Shares
PR Newswire
BAAR, Switzerland, March 1, 2016
BAAR, Switzerland, March 1, 2016 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") announced today the pricing of its previously announced underwritten public offering of 100,000,000 ordinary shares at $5.65 per ordinary share (the "Offering"). The total aggregate proceeds from the Offering are approximately $565 million before deducting underwriting discounts and commissions and the estimated offering expenses. The underwriters have been granted a 30-day option to purchase up to an additional 15,000,000 ordinary shares from the Company at the public offering price less the underwriting discount. The Offering is scheduled to close on March 7, 2016, subject to customary closing conditions.
The Company intends to use the net proceeds from the Offering for general corporate purposes, including the repayment of existing indebtedness.
J.P. Morgan and Morgan Stanley are acting as joint book-running managers of the Offering.
The Offering is being made pursuant to an effective registration statement previously filed with the U.S. Securities & Exchange Commission (the "SEC"). A prospectus supplement and accompanying prospectus describing the terms of the Offering will be filed with the SEC, and when available, may be obtained free of charge at the SEC's website at
SEC.gov | Home or from the underwriters of the Offering as follows:
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (888) 803-9204
Email:
prospectus-eq_fi@jpmchase.com