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EXHIBIT 99.2
[WEATHERFORD LOGO] NEWS RELEASE
WEATHERFORD ANNOUNCES PRICING OF ZERO COUPON CONVERTIBLE SENIOR DEBENTURES
HOUSTON, June 26, 2000 - - Weatherford International, Inc. (NYSE: WFT) announced
today that it has priced in a private placement approximately $500 million of
20-year zero coupon senior convertible debentures due 2020. At closing, the
debentures will be issued at an original issue discount of $551.26 per debenture
providing the holders with a yield to maturity of 3% per annum. The debentures
will be convertible into Weatherford common stock at a rate of 9.9970 shares for
each $1,000 face amount of debentures or effectively at initial conversion price
of $55.1425 per share (or a 37 percent premium to Monday's closing price on the
New York Stock Exchange of $40.25). Under the terms of the debentures, the
conversion rate will not be adjusted for the accrued original issue discount,
but the conversion price will, in effect, increase with the accretion of the
discount on the debentures. This accretion will result in an effective
conversion price of $64.25 on the fifth anniversary of the issue or
approximately 60% premium to current market.
Weatherford may redeem the debentures any time after five years and
debenture holders will have the right to require Weatherford to repurchase the
debentures on the fifth, tenth and fifteenth anniversaries at the issue price
plus the accrued original issue discount.
The placement is expected to result in net proceeds of approximately $501
million to Weatherford. Weatherford expects to use the proceeds to repay
existing short-term debt and for general corporate purposes. The placement will
significantly reduce Weatherford's average cost of capital. Closing of the
issue is scheduled for June 30, 2000.
Houston-based Weatherford International, Inc. (http://www.weatherford.com)
is one of the largest global providers of innovative mechanical solutions,
technology and services for the drilling and production sectors of the oil and
gas industry. Weatherford operates in over 50 countries and employs
approximately 10,000 people worldwide.
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Contact:
Don Galletly (713) 693-4148
This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 concerning, among other
things, Weatherford's prospects for its operations and the integration of recent
acquisitions, all of which are subject to certain risks, uncertainties and
assumptions. These risks and uncertainties, which are more fully described in
Weatherford International, Inc.'s Annual, Quarterly and Current Reports filed
with the Securities and Exchange Commission, include the impact of oil and
natural gas prices and worldwide economic conditions on drilling activity and
the demand for and pricing of Weatherford's products. Should one or more of
these risks or uncertainties materialize, or should the assumptions prove
incorrect, actual results may vary in material aspects from those currently
anticipated.
