Business
Weatherford Enters into $370 Million Amended and Restated Credit Facility
HOUSTON, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced that on October 17, 2022
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”) announced that on October 17, 2022 certain of its wholly-owned subsidiaries entered into a credit agreement, which amended and restated the Company’s existing secured letter of credit agreement, dated December 13, 2019, as amended (the “Credit Facility”). Total aggregate commitments under the Credit Facility are $370 million, of which $45 million is available for revolving loans. The amount available for revolving loans can be increased by up to an additional $100 million as the Company meets certain leverage ratios and subject to lenders’ consent. The Credit Facility will allow the Company to transfer certain cash collateralized letters of credit to the Credit Facility, resulting in lower aggregate cash collateral requirements. The Credit Facility also provides the Company the flexibility, upon satisfaction of certain conditions, to request incremental increases in the aggregate commitments under the Credit Facility to not more than $600 million. The maturity date under the Credit Facility is October 17, 2026, subject to certain conditions. Girish Saligram, President and Chief Executive Officer, commented, “We are pleased to complete this Credit Facility with our banking partners, a transaction which underscores the significant progress we have made to strengthen our operating profile supported by the continued growth of our differentiated portfolio. While we do not expect to draw upon the revolving loan capacity, the Facility allows us greater flexibility to improve our overall capital structure, and drive growth and scale into our business.” 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 thin...