Weatherford Stock Price, News & Analysis

Weatherford International plc (NASDAQ: WFRD) has announced the pricing of its offering of 8.625% senior notes due 2030, increasing the principal amount from $1.5 billion to $1.6 billion. The issuance, set to close on October 27, 2021, will support the buyback or redemption of its 11.00% senior notes due December 1, 2024. The notes will pay interest semi-annually starting June 1, 2022, with maturity on April 30, 2030. The offering is targeted at qualified institutional buyers and will not be registered under the Securities Act.

Weatherford International plc (NASDAQ: WFRD) announced a cash tender offer to purchase up to $1,500,000,000 of its outstanding 11.00% Senior Notes due 2024. The offer begins today and will expire at midnight on November 8, 2021. To receive the total consideration of $1,064.76 per $1,000 principal amount of notes, holders must tender their notes by October 25, 2021. The company will also issue a conditional redemption notice for its remaining notes not tendered. The tender offer is subject to specific conditions and may affect up to $1,500,000,000 of notes.

Weatherford International plc (NASDAQ: WFRD) announces a proposed private offering of $1,500 million in senior notes due 2030. The notes will be issued by its subsidiary, Weatherford International Ltd., and guaranteed by Weatherford and its subsidiaries. Proceeds will be used to purchase or redeem up to $1,500 million of existing senior notes due December 2024. The offering is intended for qualified institutional buyers under Rule 144A and is subject to market conditions.

Weatherford International (NASDAQ: WFRD) announced a preliminary financial performance update for Q3 2021, indicating a projected 4-5% increase in consolidated revenues compared to Q2 2021. Adjusted EBITDA is expected to rise by at least 25%, with operating income anticipated to grow by at least 50%. Cash flow from operations and free cash flow are expected to be 75% higher. The company will further discuss these results in a conference call on November 2, 2021.

Weatherford International plc (NASDAQ: WFRD) announced the closing of a private offering of $500 million in senior secured first lien notes due 2028. The proceeds will be used to redeem existing notes due 2024 and to pay related expenses. CEO Girish Saligram emphasized the importance of improving the capital structure, highlighting plans to pay down $200 million of callable unsecured notes. The secured notes were offered to qualified institutional buyers and non-U.S. investors.

Weatherford International plc (WFRD) has announced the pricing of a $500 million offering of 6.5% senior secured notes due 2028, set to close on September 30, 2021. These notes will yield interest semi-annually starting March 15, 2022.

The proceeds will be used to redeem existing 8.75% notes due 2024 and part of the 11.0% notes due 2024, with potential future redemptions based on cash flow and liquidity. Investment opportunities are limited to qualified institutions and non-U.S. investors under Rule 144A and Regulation S.

Weatherford International plc (WFRD) announced a proposed offering of $500 million in senior secured first lien notes due 2028. The net proceeds will be utilized to redeem all outstanding 2024 Secured Notes and pay associated fees. The offering is contingent on market conditions and will be made only to qualified institutional buyers under Rule 144A and non-U.S. investors under Regulation S. The secured notes will not be registered under the Securities Act and can't be sold in the U.S. without proper registration.

Weatherford International reported second-quarter 2021 revenues of $903 million, reflecting a 9% sequential and 10% year-over-year increase. The operating income improved to $25 million from losses in previous quarters. The net loss narrowed to $78 million, with significant improvements in cash flow, including $46 million from operations. Adjusted EBITDA rose to $136 million, up 33% sequentially and 72% year-over-year. The company achieved unlevered free cash flow of $165 million, indicating efficient capital utilization and operational performance enhancements.

Weatherford International plc (NASDAQ: WFRD) will hold a conference call on July 29, 2021, at 10:00 a.m. ET to discuss its fiscal results for the quarter ended June 30, 2021. A press release with results will precede the call, and presentation slides will be available on the company's investor relations website. Participants can join via a live webcast or by phone, with a replay available until August 12, 2021. Weatherford operates in over 75 countries with a workforce of approximately 17,000 team members.