Weatherford International Plc shares slumped more than 9% in premarket trading Monday, after the energy company announced the launch of concurrent underwritten public offerings of shares and mandatory exchangeable subordinated notes for a combined sum expected to total $1.0 billion. The oilfield services company said it intends to use the proceeds to pre-fund potential acquisitions and for general corporate purposes, including reducing debt. Citigroup and Wells Fargo are joint bookrunners on the combined offering. Shares are down 11.6% in the year so far, while the S&P 500 has lost about 5%.
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