Arias, Fábrega & Fábrega acted as special Panamanian Counsel to Weatherford International Plc. and its Panama-based subsidiaries, in connection with a set of indentures issued by Weatherford International Ltd., regarding the issuance of US$500 million 6.50% senior secured first lien notes maturing on 2028; and the issuance of US$1.6 billion 8.625% senior unsecured notes maturing on 2030. The Notes were offered to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the US Securities Act of 1933, as amended, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act.

Weatherford International Plc. used the net proceeds from the US$500 million offering and cash on hand to redeem all of its 8.75% senior secured first lien notes due 2024, pay related fees and expenses and to redeem US$200 million principal amount of its 11.0% senior notes due December 1, 2024, on October 20, 2021. The net proceeds from the US$1.6 billion offering were used by Weahterford International Plc. to purchase US$1,600 aggregate principal amount of its 11.00% senior notes due 2024.