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Timothy Smith

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Timothy Smith

Re: Nickw post# 233

Wednesday, 10/09/2013 5:56:53 PM

Wednesday, October 09, 2013 5:56:53 PM

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Weatherford has closed the previously announced sale of its 38.5% equity interest in Borets International Limited for US$400m.

Yesterday, the company also received US$325m in cash as the first tranche of sales proceed, which Weatherford will use to pay down the company’s existing indebtedness. The company also expects to receive the remaining cash proceeds of ~US$45m within the next 30 days.

In addition, Weatherford received a three-year US$30m promissory note. The company expects to record a gain of approximately US$25m on the sale during the fourth quarter of 2013.

Purely my own opinion. Do your Due Diligence.
Oil and Gas Stocks | Micro Cap | Small Cap | Mid Cap

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