Weatherford Not To Pursue Offerings Of Shares & Exchangeable Subordinated Notes

(RTTNews) - Weatherford International plc (WFT) said that it has decided not to pursue its previously announced concurrent public offerings of ordinary shares of the Company and mandatorily exchangeable subordinated notes of Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of the Company.

"While investor interest was strong for this offering, we are unwilling to sell securities at prices that do not reflect the value we have created at Weatherford," the company said.

The Company noted that it continues on its resolute course of focusing on its core businesses and the efficiency of its operations. The Company also continues to expect to deliver positive free cash flow in 2015 and years beyond, has ample liquidity, and remains focused on generating strong returns for its shareholders.

Earlier, Weatherford International had announced that it would launch concurrent underwritten public offerings of ordinary shares of the Company and mandatorily exchangeable subordinated notes of Weatherford International Ltd., a Bermuda exempted company and wholly owned subsidiary of the Company , for an expected combined amount of $1.0 billion. The Company retains the flexibility to adjust the relative proportions of the Notes and Shares offered in the Combined Offering.