WFRD Stock: Why It Increased Today

By Amit Chowdhry ● Oct 12, 2021
  • The stock price of Weatherford International plc (NASDAQ: WFRD) increased by over 16% during intraday trading today. This is why it happened.

The stock price of Weatherford International plc (NASDAQ: WFRD) increased by over 16% during intraday trading today. Investors are responding positively to Weatherford International announcing that its wholly-owned subsidiary Weatherford International Ltd. (the issuer) commencing a tender offer to buy for cash up to $1.5 billion aggregate principal amount of its outstanding 11.00% Senior Notes due 2024 (the notes).

The terms and conditions of the Tender Offer are described in an Offer to Purchase, dated October 12, 2021 (the Offer to Purchase). And the following table summarizes the material pricing terms of the Tender Offer.

Title of Security: Senior Notes due 2024

Outstanding Aggregate Principal Amount: $2.1 billion

Maximum Tender Amount: $1.5 billion

CUSIP / ISIN: 947075AP2 / US947075AP29

Tender Offer Consideration: $1,014.76

Early Tender Payment: $50.00

Total Consider­ation: $1,064.76

The Tender Offer will expire at Midnight, New York City time, at the end of November 8, 2021, unless extended or earlier terminated by the Issuer. And in order to be eligible to receive the Total Consideration (as described below) for tendered Notes, holders must validly tender and not validly withdraw their Notes prior to 5:00 p.m., New York City time, on October 25, 2021, unless extended or earlier terminated by the issuer.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.