GENEVA, March 30, 2012 /PRNewswire/ -- Weatherford International Ltd., a Bermuda exempted company ("Weatherford Bermuda") and a subsidiary of Weatherford International Ltd., a Swiss joint-stock corporation (NYSE: WFT) ("Weatherford"), announced today the pricing of the offering by Weatherford Bermuda of $750 million aggregate principal amount of 4.50% Senior Notes due 2022 at a public offering price of 99.855% and $550 million aggregate principal amount of 5.95% Senior Notes due 2042 at a public offering price of 99.291%. Weatherford and Weatherford International, Inc., a Delaware corporation and subsidiary of Weatherford, will fully and unconditionally guarantee the notes on a senior, unsecured basis. The offering is expected to close on April 4, 2012, subject to customary closing conditions.
The net proceeds from this offering will be used to repay existing short-term debt and for general corporate purposes. Until the net proceeds are used for such purposes, the net proceeds may be invested in short-term liquid investments.
J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are acting as the joint book-running managers. Copies of the prospectus supplement and prospectus may be obtained at no cost by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, copies of the prospectus supplement and prospectus may be requested by contacting J.P. Morgan Securities LLC at 383 Madison Ave., New York, NY 10179, Attn: Investment Grade Syndicate Desk (or at 212-834-4533) orMorgan Stanley & Co. LLC at Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 (or at 1-866-718-1649).
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this press release, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, sale or solicitation would be unlawful prior to qualification under the securities laws of any such jurisdiction. Offers of the securities described in this press release will be made only by means of a prospectus and prospectus supplement filed with the U.S. Securities and Exchange Commission. The prospectus and prospectus supplement are part of a shelf registration statement that has become effective under the U.S. Securities Act of 1933, as amended.
Weatherford is a Swiss-based, multi-national oilfield service company. It is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in more than 100 countries and employs more than 60,000 people worldwide.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, the anticipated use of the proceeds of this offering and the timing and consummation of the offering. Those forward-looking statements are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International Ltd.'s reports and registration statements filed with the SEC, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the outcome of pending government investigations, the demand for and pricing of Weatherford's products and services, domestic and international economic and regulatory conditions and changes in tax and other laws affecting our business. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary materially from those currently anticipated.