Weatherford Offers $700MM in Senior Notes
Weatherford International has commenced an offering of senior notes. The Company and Weatherford International will fully and unconditionally guarantee the notes on a senior, unsecured basis.
The net proceeds from this offering are expected to be used to fund the purchase price for the cash tender offer announced separately on September 16, 2010 for up to $700 million of the outstanding 6 5/8% Senior Notes due November 15, 2011 of Weatherford Delaware, 5.95% Senior Notes due June 15, 2012 of Weatherford Delaware, 5.15% Senior Notes due March 15, 2013 of Weatherford Bermuda and 4.95% Senior Notes due October 15, 2013 of Weatherford Bermuda, repay existing short-term indebtedness and for general corporate purposes.
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