Weatherford International plc - Consent Solicitation - Results

WEATHERFORD ANNOUNCES SUCCESSFUL COMPLETION OF CONSENT SOLICITATION

20 APRIL 2023

Full announcement including disclaimers and offer restrictions available via Weatherford

"HOUSTON, April 20, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,” “we,” “us” and “our”) today announced that Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of Weatherford (“Weatherford Bermuda”), has successfully completed its previously announced consent solicitation (the “Consent Solicitation”) with respect to its outstanding 6.500% Senior Secured First Lien Notes due 2028 (the “Notes”) to approve certain amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”).

In connection with the Consent Solicitation, Weatherford Bermuda has received the consents from holders of 97.62% of the aggregate principal amount of Notes outstanding to the Proposed Amendments as described in the consent solicitation statement, dated April 12, 2023. The Consent Solicitation expired at 5:00 p.m., New York City time, on April 19, 2023.

Accordingly, Weatherford Bermuda executed the second supplement to the Indenture, which became effective upon its execution.

Additionally, Weatherford today announced Weatherford Bermuda’s intention to redeem (the “Redemption”) the remaining $105,000,000 aggregate principal amount outstanding of its 11.00% Senior Notes due 2024 (the “2024 Notes”). Weatherford Bermuda expects to redeem the 2024 Notes on May 22, 2023 (the “Redemption Date”) at a redemption price of 102.750% of the principal amount, plus accrued and unpaid interest to, but excluding, the Redemption Date.

Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “The redemption of the 11% Senior Notes stub due 2024 is another important step in our capital structure improvement journey since emergence and will put our gross debt levels below December 2019 levels. A significant accomplishment which further evidences our commitment to continuously improve our capital structure. We are grateful to all our stakeholders, especially our banking partners and secured noteholders, for their support on this transaction.”

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Weatherford Announces Launch of Consent Solicitation to Holders of its 6.500% Senior Secured First Lien Notes Due 2028

12 APRIL 2023

Full announcement including disclaimers and offer restrictions available via Weatherford

"HOUSTON, April 12, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,” “we,” “us” and “our”) today announced that Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of Weatherford (“Weatherford Bermuda”), has commenced a consent solicitation (the “Consent Solicitation”) to solicit the consent of holders of its outstanding 6.500% Senior Secured First Lien Notes due 2028 (the “Notes”) for amendments (the “Proposed Amendments”) to the indenture governing the Notes (the “Indenture”).

Amendment and Consent

Weatherford Bermuda is conducting the Consent Solicitation to obtain the requisite holder consents to amend the Indenture to include exceptions to the “Limitation on Restricted Payments” covenant to permit the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of the 11.00% Senior Notes due 2024 of Weatherford Bermuda."