Weatherford Prices Private Offering of $250 Million of Senior Notes

BAAR, Switzerland, June 26, 2017 /PRNewswire/ -- Weatherford International plc (NYSE: WFT) (the "Company" or "Weatherford") announced today the pricing of a private offering (the "Offering") of an additional $250 million aggregate principal amount of its 9.875% senior notes due 2024 (the "New Notes") at 101% of par to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act.  The New Notes will be senior, unsecured obligations of Weatherford International Ltd. ("Weatherford Bermuda"), a Bermuda exempted company and indirect, wholly owned subsidiary of the Company.  The New Notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by the Company and by Weatherford International, LLC, a Delaware limited liability company and indirect subsidiary of Weatherford Bermuda. The Offering is expected to close June 29, 2017, subject to customary closing conditions.

The New Notes will be issued as additional securities under an indenture pursuant to which Weatherford Bermuda previously issued $540 million aggregate principal amount of its 9.875% senior notes due 2024 (the "Initial Notes", and together with the New Notes, the "Notes"). The New Notes will have identical terms, other than the issue date, as the Initial Notes, and the New Notes and the Initial Notes will be treated as a single class of securities under the indenture governing the Notes.

The purpose of the Offering is to repay amounts outstanding under the Company's revolving credit facility, give the Company additional liquidity throughout 2017, and provide assurance it will comply with the financial covenants set forth in its senior revolving and term loan credit facilities.

The New Notes will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.