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Weatherford International plc Announces Redemption of $50 million principal amount of its 11.0% senior notes due December 1, 2024
HOUSTON, July 11, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") today announced it intends to use cash on
About this update from Weatherford International Plc
[{"type":"text","content":"HOUSTON, July 11, 2022 /PRNewswire/ -- Weatherford International plc (NASDAQ: WFRD) (\"Weatherford\" or the \"Company\") today announced it intends to use cash on hand to redeem $50 million principal amount of its 11.0% senior notes due December 1, 2024 on August 10, 2022 (the \"Unsecured Notes\").\nGirish Saligram, President and Chief Executive Officer, commented, \"I am extremely proud of the progress we have made to strengthen our operating profile as we continue on our journey to realize sustainable profitability and free cash flow generation. This repayment demonstrates our commitment to continue improving our capital structure from our operating results.\"\nForward Looking Statements \nThis 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 results, including: the price and price volatility of oil and natural gas; various effects from the Russia Ukraine conflict including, but not limited to, extended business interruptions, sanctions imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; demand for oil and gas and fluctuations in commodity prices; general global economic repercussions related to U.S. and global inflationary pressures; the macroeconomic outlook for the oil and gas industry; operational challenges relating the COVID-19 pandemic and efforts to mitigate the spread of the COVID-19 virus and COVID-19 variants, including logistical challenges, protecting the h...