Weatherford Completes $500 Million 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 $500 million aggregate principal amount of 6.500% senior secured first lien notes maturing on September 15, 2028. Deutsche Bank Securities, Wells Fargo Securities, Barclays and Morgan Stanley were the joint bookrunning managers. The company also amended certain negative covenants of its senior secured letter of credit agreement.

Net proceeds from the offering were used along with cash on hand to redeem the company’s existing secured notes and to pay related fees and expenses.

The Paul, Weiss team included, among others, corporate partner John Kennedy; tax partners Robert Holo and Patrick Karsnitz; intellectual property partner Claudine Meredith-Goujon; and environmental counsel William O’Brien.