Weatherford Completes $1.6 Billion Notes Offering

Paul, Weiss represented Weatherford International Ltd., a subsidiary of leading Ireland-based multinational oil-and-gas company Weatherford International plc, in a Rule 144A offering of $1.6 billion aggregate principal amount of 8.625% senior unsecured notes maturing on April 30, 2030. The aggregate principal amount of the notes issued was upsized from the previously announced $1.5 billion to $1.6 billion. Morgan Stanley, Wells Fargo Securities, Barclays and Deutsche Bank Securities were the joint bookrunning managers.

Net proceeds from the offering were used together with cash on hand to purchase $1.6 billion principal amount of the company’s existing 11.00% senior unsecured notes pursuant to a tender offer.

The Paul, Weiss team included, among others, corporate partner John Kennedy and tax partner Robert Holo.