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."
