HOUSTON, Jan. 5 /PRNewswire-FirstCall/ -- Weatherford International Ltd.
(NYSE: WFT) announced today that it has commenced an offering of Senior Notes
due 2019. Weatherford International, Inc., an operating subsidiary, will fully
and unconditionally guarantee the notes on a senior unsecured basis. The net
proceeds are expected to be used to repay existing short-term indebtedness.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990308/WEATHERFORDLOGO)
Banc of America Securities LLC, Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman, Sachs & Co. and UBS Securities LLC are acting as the
joint book-running managers. Copies of the prospectus supplement and
prospectus may be obtained for free by visiting EDGAR on the SEC website at
http://www.sec.gov. Alternatively, the issuer, any underwriter or dealer
participating in this offering will arrange to send a prospectus as
supplemented to an investor if requested by contacting either Banc of America
Securities LLC at Capital Markets Operations, 100 West 33rd Street, New York,
New York 10001 (tel: 1-800-294-1322), Barclays Capital Inc. at Broadridge
Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, New York 11717
(tel: 1-888-227-2275), Deutsche Bank Securities Inc. at 1-800-503-4611,
Goldman, Sachs & Co. at 85 Broad Street, Attention: Prospectus Department, New
York, New York 10004 (tel: 1-866-471-2526) or UBS Securities LLC, Prospectus
Department, 299 Park Avenue, New York, New York 10171 (tel: 1-888-827-7275).
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, solicitation or sale 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 supplement and prospectus 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 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 approximately 100
countries through approximately 800 service, sales and manufacturing
locations, which are located in nearly all of the oil and natural gas
producing regions in the world. Weatherford's shares are traded on the New
York Stock Exchange under the symbol "WFT".
Contact: Andrew P. Becnel
+1 (713) 693-4136
Chief Financial Officer
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 concerning, among
other things, Weatherford's prospects for its operations which 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.
SOURCE Weatherford International Ltd.
CONTACT: Andrew P. Becnel, Chief Financial Officer of Weatherford
International Ltd., +1-713-693-4136/