An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Weatherford Announces $550 Million Credit Facility with $300 Million Borrowing Capacity
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Weatherford International plc announced a five-year credit facility of $550 million, comprising of $250 million for performance letters of credit and $300 million as a cash revolver. There is also an option for a $200 million accordion. The CEO expressed satisfaction with the milestone, stating that it enhances liquidity and balance sheet flexibility.
Positive
Weatherford International plc announced a five-year credit facility of $550 million, enhancing liquidity and balance sheet flexibility.
Negative
None.
HOUSTON, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford,” and, the “Company,” “we,” “us” and “our”) announced a five-year credit facility that is effective today with aggregate commitments of $550 million. The facility is comprised of a $250 million tranche available for performance letters of credit and a $300 million tranche available as a cash revolver. There is also the optionality of a $200 million accordion based on satisfaction of certain conditions.
Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “We are pleased to announce this significant milestone, which meaningfully enhances our liquidity and balance sheet flexibility. We appreciate the support of our bank partners in supporting this noteworthy step and it signifies continued strengthening of relationships and engagement, enabled by continued operating performance.”
About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company operates in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 335 operating locations. Visit weatherford.com for more information and connect with us on social media.
What is the announcement made by Weatherford International plc?
Weatherford International plc announced a five-year credit facility of $550 million.
What is the purpose of the credit facility?
The credit facility aims to enhance liquidity and balance sheet flexibility.
What are the components of the credit facility?
The credit facility includes a $250 million tranche for performance letters of credit and a $300 million tranche as a cash revolver, with an option for a $200 million accordion.
Who commented on the announcement?
Girish Saligram, President and CEO of Weatherford, commented on the announcement.
What did Girish Saligram say about the credit facility?
Girish Saligram expressed satisfaction with the milestone, stating that it enhances liquidity and balance sheet flexibility.
weatherford is one of the largest multinational oilfield services companies. our product and service portfolio spans the life cycle of the well, and includes capability in drilling and formation evaluation, well construction, and completion. the company provides innovative solutions, technology, and services to the oil and gas industry, and operates in over 100 countries. for more information, please visit www.weatherford.com