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3/30/2012 12:34 PM ET

Weatherford International Ltd., a Bermuda exempted company and a subsidiary of Weatherford International Ltd. (WFT: Quote), a Swiss joint-stock corporation, said Friday that it has commenced an offering of senior notes.

Weatherford and Weatherford International, Inc., a Delaware corporation and subsidiary of Weatherford, will fully and unconditionally guarantee the notes on a senior, unsecured basis.

The net proceeds from the offering will be used to repay existing short-term debt and for general corporate purposes.

Until the net proceeds are used for such purposes, the net proceeds may be invested in short-term liquid investments.

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