Weatherford amends and restates $550 million credit facility

Chicago, Oct. 24 – Weatherford International plc amended and restated its credit agreement with Wells Fargo Bank, NA as administrative agent on Oct. 17, according to an 8-K filing with the Securities and Exchange Commission.

The fourth amendment provides for a $550 million facility, with a $250 million portion of that earmarked for letters of credit and $300 million designated as borrowing capacity.

There is a $200 million accordion, subject to the company only having $200 million of 6½% senior secured notes due 2028 still outstanding before any increase.

As of the effective date, there was $200 million of outstanding letters of credit, $52 million of outstanding letters of credit under the revolving facility and no outstanding loans under the revolver.

Interest will be at SOFR plus 225 to 375 basis points. The fronting fee on letters of credit will be 20 bps. The unused commitment fee is 35 bps to 50 bps.

The facility matures Oct. 24, 2028, or will be subject to a springing maturity 91 days before the maturity date for the senior secured notes or any permitted refinancing debt.

The listed borrowers are Weatherford International Ltd., Weatherford Canada Ltd., Weatherford International, LLC and WOFS International Finance GmbH.

Wells Fargo Securities, LLC, Barclays, Citibank, NA, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding, Inc. and Standard Chartered Bank were the joint lead arrangers and joint bookrunners.

Weatherford is an oilfield services company with headquarters in Houston.

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