Switzerland-based Weatherford announced it would sell 84.5 million shares in a private placement at $5.40 per share – a 5% premium to its latest closing price – for gross proceeds of $456 million.
The company also issued warrants to sell another 84.5 million shares at a strike price of $6.43 that could be exercised before May 2019, which could bring in another $543 million.
