Business
Weatherford Announces Redemption of $125 Million Principal Amount of its 11.0% Senior Notes due December 1, 2024
HOUSTON, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it intends to use
About this update from Weatherford International Plc
[{"type":"text","content":"HOUSTON, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced it intends to use cash on hand to redeem $125 million principal amount of its 11.0% senior notes due December 1, 2024 on November 17, 2022 (the \"Unsecured Notes\"). Girish Saligram, President and Chief Executive Officer, commented, “I continue to be extremely proud of the progress we have made to strengthen our Company and our balance sheet. Our focus on free cash flow generation, coupled with the announcement of our Revolving Credit Facility, allows us to take another important and significant step towards improving our capital structure efficiency. With this paydown, we will generate $13.8 million in annualized interest savings, further enhancing our Free Cash Flow profile in 2023 and beyond.” About Weatherford Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities. Contact:Mohammed TopiwalaWeatherford Investor Relations+1 [email protected] For Media: Kelley HughesWeatherford Global Communications+1 [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. These forward-looking statements are also generally identified by the words “intends”, “believe,” “project,” “expect,” “anticipate,” “estimate,” “strategy,” “plan,” “may,” “should,” “could,” “will,” “would,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or resu...