By Wendy Van Sickle
Columbus, Ohio, Aug. 28 – Weatherford International Ltd. said Weatherford Bermuda issued $500 million of new 8¾% senior secured first-lien notes due Sept. 1, 2024 to some holders of its 11% senior notes due 2024 and repaid its asset-based credit facility, according to a news release.
Proceeds will be used to enhance the company’s liquidity and support the issuance of letters of credit.
The company repaid and terminated its asset-based credit facility and increased its letter-of-credit agreement by $50 million to $215 million.
The new notes are guaranteed by Weatherford International plc as well as some subsidiaries.
Weatherford is an oilfield services company based in Baar, Switzerland.
| Issuer: | Weatherford Bermuda
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| Guarantors: | Weatherford International plc and some subsidiaries
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| Issue: | Senior secured first-lien notes
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| Amount: | $500 million
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| Maturity: | Sept. 1, 2024
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| Coupon: | 8¾%
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| Settlement date: | Aug. 28
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