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Moody’s rates Weatherford notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to Weatherford International, LLC's (Weatherford LLC) proposed $600 million senior unsecured notes due 2025.
Weatherford LLC and Weatherford International Ltd., a Bermuda exempted company (Weatherford), are both wholly owned by Weatherford International plc.
Weatherford's other ratings and negative outlook are unchanged.
Net proceeds will be used primarily to repay the 2018 notes and to fund a tender offer for the 2019 notes issued by Weatherford.
Concurrent with this offering, Weatherford initiated a tender offer for its $485 million 2019 notes.
"Although this transaction will not change Weatherford's heavy debt load, it will alleviate near-term refinancing pressures," Moody's senior analyst Sajjad Alam said in a news release.
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