On August 28, 2020, Weatherford International Ltd., an affiliate of Weatherford International plc, (collectively, “Weatherford”) completed an offering of US$500 million of 8.75% senior secured first lien notes maturing on September 1, 2024 (the “Senior Secured Notes”). The proceeds of the sale of the Senior Secured Notes will be used to, among other things, refinance Weatherford’s senior secured asset-based credit facilities and for working capital and other general corporate purposes.
Cassels acted as Canadian counsel to the purchasers of the Senior Secured Notes with a deal team that included Ryan Jacobs, Michael Wunder, Charles Newman, Bryan Woodman and Tristan Davis (Banking & Specialty Finance).