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Weatherford Announces $130 Million Credit Facility Increase to $680 Million and Notice to Redeem All of Its 6.50% Senior Notes Due 2028
HOUSTON, April 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,”
About this update from Weatherford International Plc
[{"type":"text","content":"HOUSTON, April 23, 2024 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and together with its subsidiaries, the “Company,” “we,” “us” and “our”) today announced it has increased its Credit Facility by $130 million to $680 million in aggregate commitments by adding additional lenders to its facility. The facility is now comprised of a $309 million tranche available for performance letters of credit and a $371 million tranche available for revolving loans. The Company also announced notice to redeem (the “Redemption”) the remaining $81,502,600 aggregate principal amount outstanding of its 6.50% Senior Notes due 2028 (the “2028 Notes”). Weatherford expects to redeem the 2028 Notes before the end of May. Girish Saligram, President and Chief Executive Officer of Weatherford, commented, \"Today's announcements highlight our continued progress in fortifying our capital structure. Adding new banks to our facility enhances our liquidity and flexibility in managing our balance sheet and reaffirms our strong operational and financial performance. The facility expansion and the complete redemption of the 6.50% Senior Notes due in 2028 marks a significant milestone, culminating in a remarkable $1 billion reduction in debt in less than three years.\" About Weatherford Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company operates in approximately 75 countries with a global talent network of approximately 18,800 team members representing more than 110 nationalities and 340 operating locations. Contact:Mohammed TopiwalaVice President, Investor Relations and M&[email protected] For Media: Kelley HughesSr. Director, Communications & Employment [email protected] Forward-Looking Statements This news release contains forward-looking statements concerning, among other things, the Company’s strategy and financing plans and goals, and are also generally identified by the words “believe,” “project,” “exp...