Moody's rates Weatherford notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to Weatherford International Ltd.'s planned $500 million of senior secured notes due 2028. Weatherford's other ratings and negative outlook are unchanged.

The proceeds will be used to redeem the company's $500 million of 8¾% senior secured notes due 2024. After it completes the offering, Weatherford will use cash on hand to redeem $200 million of its 11% senior unsecured notes due December 2024.

"These transactions will spread out maturities and reduce future refinancing risk," said Sajjad Alam, a Moody's vice president, in a press release. "Prior to these transactions, all of Weatherford's outstanding debt was due in 2024."

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