Weatherford Stock Price, News & Analysis

Weatherford International plc (NASDAQ: WFRD) announced early tender results for its cash tender offer to purchase up to $1.6 billion of its outstanding 11.00% Senior Notes due 2024. As of the Early Tender Deadline on October 25, 2021, $1,846,040 of notes were tendered, representing 97.16% of the outstanding principal. The purchase price for accepted notes is $1,064.76 per $1,000 principal amount. Due to oversubscription, tendered notes will be prorated. The offer expires on November 8, 2021. Early settlement is expected on October 27, 2021.

Weatherford International has completed the redemption of $200 million principal of its 11.0% senior notes due December 1, 2024, using cash on hand. This move signifies the company's ongoing efforts to enhance its capital structure. CFO H. Keith Jennings highlighted the achievement of sustainably generating operating cash flow as a key factor enabling this debt redemption. The press release includes forward-looking statements that address risks and uncertainties that may affect the company's future performance.

Weatherford International plc (NASDAQ: WFRD) announced an increase in its previously announced Tender Offer for its 11.00% Senior Notes due 2024, raising the maximum amount to be purchased from $1.5 billion to $1.6 billion. The Tender Offer is part of an ongoing strategy to manage debt effectively. The offer will expire at Midnight on November 8, 2021, with early tender consideration available for those who participate before October 25, 2021.

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.