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PROSPECTUS SUPPLEMENT FILED PURSUANT TO RULE 424(b)(3)
(TO PROSPECTUS DATED JUNE 26, 1998) REGISTRATION NO. 333-45207
WEATHERFORD INTERNATIONAL, INC.
8,050,000 5% CONVERTIBLE SUBORDINATED PREFERRED EQUIVALENT DEBENTURES DUE 2027
($50 PRINCIPAL AMOUNT PER DEBENTURE)
(INTEREST PAYABLE FEBRUARY 1, MAY 1, AUGUST 1 AND NOVEMBER 1)
5,031,250 SHARES OF COMMON STOCK, $1.00 PAR VALUE
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This document supplements the Prospectus dated June 26, 1998, relating to
the Debentures and the Common Stock for which you may convert the Debentures.
Weatherford is not selling these Debentures. We are registering the resale of
the Debentures for the accounts of the holders of the Debentures. The
Debentures were initially issued in November 1997 in connection with a private
offering. You can find a description of the Debentures under "Description of
Debentures" in the Prospectus dated June 26, 1998.
This Prospectus Supplement is incorporated by reference into the
Prospectus and all terms used herein shall have the meaning assigned to them in
the Prospectus. The Common Stock is listed on the New York Stock Exchange under
the symbol "WFT." On November 3, 1998, the last reported sales price for the
Common Stock on the New York Stock Exchange was $27 7/8 per share.
This Prospectus Supplement replaces and supercedes all prior Prospectus
Supplements. The Selling Securityholders' information in this Prospectus
Supplement replaces and supersedes all information set forth for the Selling
Securityholders in the Prospectus.
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WE URGE YOU TO CAREFULLY READ THE "RISK FACTORS" SECTION BEGINNING ON
PAGE 4 OF THE PROSPECTUS, WHERE WE DESCRIBE SPECIFIC RISKS ASSOCIATED WITH THESE
DEBENTURES, TOGETHER WITH THIS PROSPECTUS SUPPLEMENT AND THE PROSPECTUS BEFORE
YOU MAKE YOUR INVESTMENT DECISION.
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NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE
ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE.
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The date of this Prospectus Supplement is November 4, 1998.
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SELLING SECURITYHOLDERS
The Company sold the Debentures to the Initial Purchasers on November 3,
1997. The Initial Purchasers resold the Debentures in transactions exempt from
the registration requirements of the Securities Act (a) within the United States
to "qualified institutional buyers" (as defined in Rule 144A under the
Securities Act) and institutional "accredited investors" (within the meaning of
Regulation D) that agreed in writing to comply with the transfer restrictions
and other conditions, and (b) outside the United States to certain persons in
reliance on Regulation S under the Securities Act. These subsequent purchasers,
or their transferees, pledgees, donees or successors, may from time to time
offer and sell any or all of the Debentures and/or Shares pursuant to this
Prospectus.
The Debentures and the Shares are being registered pursuant to a
registration rights agreement, pursuant to which the Company filed the
Registration Statement with regard to the Debentures and the Shares and which
requires that the Company keep the Registration Statement effective until the
earlier of (a) the sale pursuant to the Registration Statement or Rule 144 under
the Securities Act of all the Debentures and the Shares and (b) the expiration
of the holding period applicable to sales of such securities under Rule 144(k)
under the Securities Act, or any successor provision.
The Selling Securityholders have advised the Company that they
currently intend to sell the Debentures and Shares set forth below pursuant to
this Prospectus. Additional Selling Securityholders may choose to sell the
Debentures and Shares upon notice to the Company. See "Plan of
Distribution".
Prior to any use of this Prospectus in connection with an offering of the
Debentures and Shares, this Prospectus will be supplemented to set forth the
name of, number of shares beneficially owned by and the number of Debentures
or Shares to be offered by the Selling Securityholder. None of the Selling
Securityholders named below have, within the past three years, held any
position, office or other material relationship with the Company or any of its
predecessors or affiliates, except as noted below.
Based solely on information provided by the Selling Securityholders, the
following table sets forth certain information with respect to the Debentures
and the Shares beneficially owned by each Selling Securityholder and the number
of such securities that may be sold pursuant to this Prospectus:
<TABLE>
<CAPTION>
NUMBER OF NUMBER OF NUMBER OF NUMBER OF
DEBENTURES SHARES DEBENTURES SHARES
NAME OF BENEFICIALLY BENEFICIALLY TO BE TO BE
SELLING SECURITYHOLDER OWNED(1) OWNED(2) SOLD(3) SOLD(3)
---------------------- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C>
ABN-AMRO Incorporated.................................... 422,000 263,750 422,000 --
Allegheny Teledyne Inc. Pension Plan(4).................. 78,200 48,875 78,200 --
Allstate Insurance Company(5)............................ 60,000 37,500 60,000 --
Allstate Life Insurance Company(5)....................... 100,000 62,500 100,000 --
Alscott Investments, LLC(4).............................. 60,700 37,937 60,700 --
American Investors Life Insurance Company(6)............. 15,000 9,375 15,000 --
Argent Classic Convertible Arbitrage Fund L.P............ 25,000 15,625 25,000 --
Argent Classic Convertible Arbitrage Fund (Bermuda)
L.P.................................................... 130,000 81,250 130,000 --
Arkansas PERS............................................ 30,000 18,750 30,000 --
Associated Electric and Gas Insurance Services Limited... 10,000 6,250 10,000 --
Bear, Stearns & Co. Inc.................................. 50,000 31,250 50,000 --
Colgate-Palmolive Company Pension Fund(4)................ 4,500 2,812 4,500 --
Common Fund(4)........................................... 3,400 2,125 3,400 --
Davis Convertible Securities Fund........................ 70,000 43,750 70,000 --
Delaware PERS............................................ 25,000 15,625 25,000 --
</TABLE>
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<TABLE>
<CAPTION>
NUMBER OF NUMBER OF NUMBER OF NUMBER OF
DEBENTURES SHARES DEBENTURES SHARES
NAME OF BENEFICIALLY BENEFICIALLY TO BE TO BE
SELLING SECURITYHOLDER OWNED(1) OWNED(2) SOLD(3) SOLD(3)
---------------------- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C>
Deutsche Bank Securities, Inc............................ 38,300 23,938 38,300 --
Donaldson, Lufkin & Jenrette Securities Corporation(7)... 1,093,600 683,500 1,093,600 --
Estate of Carol G. Simon(4).............................. 7,000 4,375 7,000 --
Federated Equity Funds, a Massachusetts business trust,
on behalf of its Federated Capital Appreciation Fund... 34,000 31,250 34,000 --
Federated Equity Income Fund, Inc.(8).................... 624,800 390,500 624,800 --
Federated Insurance Series, a Massachusetts business
trust, on behalf of its Federated Equity Income Fund
II..................................................... 10,200 6,375 10,200 --
Fidelity Financial Trust:
Fidelity Convertible Securities Fund(9)................ 30,000 6,200,050(10) 30,000 --
Franklin Custodian Funds -- Income Fund(11).............. 1,100,000 687,500 1,100,000 --
Franklin Investors Securities Trust -- Convertible
Securities Fund........................................ 20,000 12,500 20,000 --
Franklin Valuemark Income Securities Fund................ 110,000 68,750 110,000 --
Frederic C. Hamilton(4).................................. 10,300 6,437 10,300 --
GEM Convertible Securities Partners, L.P................. 41,600 26,000 41,600 --
General Motors Investment Management Corp.(6)............ 75,000 46,875 75,000 --
Golden Rule Insurance Company(4)......................... 56,300 35,187 56,300 --
HSBC Securities Inc...................................... 73,000 45,625 73,000 --
ICI American Holdings Trust.............................. 11,000 6,875 11,000 --
J.P. Morgan & Co. Incorporated........................... 265,000 170,227 265,000 --
Lazard Freres & Co. LLC.................................. 47,600 29,750 47,600 --
Lincoln National Convertible Securities Fund(12)......... 47,875 29,921 47,875 --
Mark IV Industries, Inc. and Subsidiaries Master
Trust(4)............................................... 2,000 1,250 2,000 --
McMahan Securities Company, L.P.......................... 4,825 3,016 4,825 --
Merrill, Lynch, Pierce, Fenner & Smith, Inc.............. 85,000 53,125 85,000 --
MFS Series Trust I -- MFS Convertible Securities Fund.... 200 125 200 --
MFS Series Trust V -- MFS Total Return Fund.............. 59,800 37,375 59,800 --
Motors Insurance Corporation(13)......................... 37,300 23,312 37,300 --
Mount Sinai School of Medicine(4)........................ 2,600 1,625 2,600 --
Nalco Chemical Retirement Trust.......................... 5,000 3,125 5,000 --
NationsBanc Montgomery Securities LLC.................... 180,400 133,050 180,400 --
Nationwide Family of Funds, on behalf of its Nationwide
Equity Income Fund..................................... 800 500 800 --
PaineWebber Balanced Fund, a series of PaineWebber Master
Series, Inc............................................ 13,000 8,125 13,000 --
PaineWebber Growth and Income Fund, a series of
PaineWebber America Fund............................... 63,000 39,375 63,000 --
PaineWebber Series Trust -- Balanced Portfolio........... 2,800 1,750 2,800 --
PaineWebber Series Trust -- Growth and Income
Portfolio.............................................. 1,200 750 1,200 --
Paloma Securities L.L.C.................................. 70,000 71,650 70,000 --
Phoenix Convertible Fund................................. 42,000 26,250 42,000 --
Pitney Bowes Retirement Fund(4).......................... 59,000 36,875 59,000 --
PRIM Board............................................... 46,000 28,750 46,000 --
Public Employees' Retirement Association of Colorado..... 70,000 114,250 70,000 --
Regence Blue Cross Blue Shield of Idaho(6)............... 1,000 625 1,000 --
</TABLE>
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<TABLE>
<CAPTION>
NUMBER OF NUMBER OF NUMBER OF NUMBER OF
DEBENTURES SHARES DEBENTURES SHARES
NAME OF BENEFICIALLY BENEFICIALLY TO BE TO BE
SELLING SECURITYHOLDER OWNED(1) OWNED(2) SOLD(3) SOLD(3)
---------------------- ------------ ------------ ---------- ---------
<S> <C> <C> <C> <C>
Saudi International Bank................................. 60,000 37,500 60,000 --
Stark International(14).................................. 402,150 251,343 402,150 --
State of Oregon/SAIF Corporation......................... 100,000 62,500 100,000 --
State of Oregon Equity................................... 95,000 59,375 95,000 --
Tennessee Consolidated Retirement System................. 100,000 62,500 100,000 --
The Gabelli Global Convertible Securities Fund........... 4,000 2,500 4,000 --
The Lutheran Church-Missouri Synod....................... 45,000 28,125 45,000 --
The Northwestern Mutual Life Insurance Company........... 200,000(15) 351,700(16) 200,000(15) --
The TCW Group, Inc....................................... 188,200 117,625 188,200 --
TQA Vantage Plus, Ltd.................................... 12,500 7,812 12,500 --
TQA Vantage Fund, Ltd.................................... 25,000 15,625 25,000 --
TQA Arbitrage Fund, L.P.................................. 50,000 31,250 50,000 --
United National Insurance(12)............................ 2,275 1,421 2,275 --
United States Olympic Foundation(4)...................... 22,500 14,062 22,500 --
Walker Art Center(12).................................... 5,515 3,446 5,515 --
Weirton Trust(12)........................................ 14,335 8,959 14,335 --
Wenonah Development Company.............................. 22,000 13,750 22,000 --
Xerox Corporation Profit Sharing Plan(4)................. 26,900 16,812 26,900 --
ZENECA Holdings Trust.................................... 11,000 6,875 11,000 --
</TABLE>
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(1) None of the Selling Securityholders beneficially own one percent or more of
the outstanding Debentures or Shares, except for ABN-AMRO Incorporated,
Allstate Insurance Company, Argent Classic Convertible Arbitrage Fund
(Bermuda) L.P., Donaldson, Lufkin & Jenrette Securities Corporation,
Federated Equity Income Fund, Inc., Franklin Custodian Funds -- Income
Fund, Franklin Valuemark Income Securities Fund, J.P. Morgan & Co.
Incorporated, Merrill, Lynch, Pierce, Fenner & Smith, Inc., NationsBanc
Montgomery Securities LLC, Stark International, State of Oregon/SAIF
Corporation, State of Oregon Equity, The Northwestern Mutual Life Insurance
Company and The TCW Group, Inc., which own 5.2%, 1.2%, 1.6%, 13.6%, 7.8%,
13.7%, 1.4%, 3.3%, 1.1%, 2.2% 5.0%, 1.2%, 1.2%, 2.5% and 2.3% of the
Debentures, respectively.
(2) Includes shares of Common Stock issuable upon conversion of the Debentures.
(3) Because a Selling Securityholder may sell all or a portion of the
Debentures and the Shares pursuant to this Prospectus, no estimate can be
given as to the number and percentages of Debentures or Shares that will be
held by the Selling Securityholder upon termination of any such sales.
(4) GEM Capital Management, Inc. serves as investment advisor and, in its
capacity as such, has investment discretion with respect to the Debentures
and Shares.
(5) Allstate Insurance Company is the parent company of Allstate Life
Insurance Company.
(6) Salomon Brothers Asset Management Inc. serves as discretionary investment
advisor and, in its capacity as such, has sole voting and investment power
over the Debentures and Shares.
(7) The address for Donaldson, Lufkin & Jenrette Securities Corporation is
277 Park Avenue, New York, New York 10172.
(8) The address for Federated Equity Income Fund is Federated Investors
Tower, 1001 Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779.
(9) Fidelity Management & Research Company ("Fidelity"), a wholly owned
subsidiary of FMR Corp. ("FMR") and a registered investment adviser, is the
beneficial owner of 30,000 Debentures, and the underlying 18,750 shares of
Common Stock, as a result of acting as investment adviser to Fidelity:
Financial Trust: Fidelity Convertible Securities Fund (the "Fund").
Fidelity's and FMR's address is 82 Devonshire Street, Boston, Massachusetts
02109.
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(10) FMR is deemed to be the beneficial owner of the 30,000 Debentures and an
aggregate of 6,200,050 shares of Common Stock, consisting of 18,750 shares
of Common Stock issuable upon conversion of the Debentures and an
additional 6,181,300 shares of Common Stock (representing approximately
6.4% of the outstanding shares of Common Stock).
(11) The address for Franklin Custodian Funds -- Income Fund is 777 Mariners
Island Blvd., 7th Floor, San Mateo, California 94404.
(12) Lynch & Mayer, Inc. serves as investment advisor and, in its capacity as
such, has shared investment power over the Debentures and Shares.
(13) General Motors Investment Management Corporation serves as investment
advisor and, in its capacity as such, has sole voting and investment power
over 27,300 Debentures. Salomon Brothers Asset Management Inc. serves as
discretionary investment advisor and, in its capacity as such, has sole
voting and investment power over 10,000 Debentures.
(14) The address for Stark International is 1500 West Market Street, Suite 200,
Mequon, Wisconsin 53092.
(15) Includes 10,000 Debentures held in the Northwestern Mutual Life Insurance
Company Group Annuity Separate Account. The Northwestern Mutual Life
Insurance Company has shared voting and shared investment power with
respect to these 10,000 Debentures.
(16) Includes 51,550 shares, including the 6,250 shares of Common Stock issuable
upon conversion of the Debentures described in note 15, held in The
Northwestern Mutual Life Insurance Company Group Annuity Separate Account.
The Northwestern Mutual Life Insurance Company has shared voting and shared
investment power with respect to these shares.
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