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Weatherford greenshoe exercised, lifts exchangeables to $1.27 billion
By Devika Patel
Knoxville, Tenn., June 7 – Underwriters for Weatherford International Ltd.'s offering of 5.875% five-year exchangeable senior notes exercised their over-allotment option in full for $165 million more of the exchangeables, increasing the size of the issue to $1,2650,000,000, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
As previously reported, the company sold the notes at par on June 2, in a registered, off-the-shelf offering, via joint bookrunners RBC Capital Markets LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, MUFG, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The exchangeables have an initial exchange premium of 40% and an initial $7.74 exchange price, which equals an exchange rate of 129.1656 shares.
The notes are non-callable with no puts and mature July 1, 2021. They have takeover and dividend protection and net share settlement.
The securities are guaranteed by Weatherford International plc and Weatherford International LLC. The shares underlying the notes are Weatherford Ireland, listed on the New York Stock Exchange under the ticker “WFT.”
Proceeds are being used to fund all or a portion of tender offers to purchase certain of the company’s 6.25% senior notes due 2017, 6% senior notes due 2018, 9.625% senior notes due 2019 and 5.125% senior notes due 2020.
Proceeds not used to fund the tenders will be used to repay or retire other outstanding debt, including amounts under Weatherford Bermuda’s revolving credit facility.
Weatherford is an international oilfield service company.
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