Weatherford International to pay down revolver with new notes proceeds

By Angela McDaniels

Tacoma, Wash., June 26 – Weatherford International plc plans to use the proceeds of a new issue of notes to repay amounts outstanding under its revolving credit facility, according to a company news release.

Subsidiary Weatherford International Ltd. plans to issue an additional $250 million of its 9 7/8% senior notes due 2024. The parent company will guarantee the notes.

In addition to repaying the revolver borrowings, the company said the purpose of the offering is to give it additional liquidity throughout 2017 and provide assurance it will comply with the financial covenants in its senior revolving and term loan credit facilities.

Weatherford is an oilfield service company based in Baar, Switzerland.

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