Weatherford Issues Notice of Redemption for 9.625% Senior Notes Due 2019

BAAR, Switzerland, March 1, 2018 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") announced today that Weatherford International Ltd., a Bermuda exempted company and indirect, wholly owned subsidiary of the Company ("Weatherford Bermuda"), intends to redeem all of its outstanding 2019 Notes (CUSIP No. 947075 AF4) (the "Notes") on March 31, 2018 (the "Redemption Date"). The redemption price will equal the greater of: (A) 100.0% of the principal amount of the Notes, plus accrued and unpaid interest to, but not including, the Redemption Date and (B) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (computed based on a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined in the Indenture), plus 50 basis points, plus accrued and unpaid interest to, but not including, the Redemption Date (the "Redemption Price").  The Redemption Price will become due and payable on April 2, 2018, the next business day following the Redemption Date. 

FORMAL NOTICE OF REDEMPTION AND ADDITIONAL INFORMATION

Deutsche Bank Trust Company Americas, the trustee and paying agent for the Notes, is mailing a notice of redemption to all registered holders of the Notes. Additional information relating to the procedure for redemption may be obtained by mailing DB Services Americas, Inc., 5022 Gate Parkway Suite 200 MS JCK01-0218, Jacksonville, FL 32256, or by calling 1-800-735-7777.

ABOUT WEATHERFORD INTERNATIONAL PLC

Weatherford is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in approximately 90 countries and has a network of approximately 880 locations, including manufacturing, service, research and development, and training facilities and employs approximately 29,200 people.

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements as defined under federal law, including those related to the Company's redemption of the Notes. These forward-looking statements are generally identified by the words "believe," "expect," "anticipate," "estimate," "intend," "plan," "may," "should," "could," "will," "would," and "will be," and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are subject to significant risks, assumptions and uncertainties. Known material factors that could cause the Company's actual results to differ materially from the results contemplated by such forward-looking statements are described in the risk factors in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and those risk factors set forth from time-to-time in other filings with the Securities and Exchange Commission. Weatherford undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required under federal securities laws.

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SOURCE Weatherford International plc