HOUSTON, Oct. 18, 2022 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) today announced it intends to use cash on hand to redeem $125 million principal amount of its 11.0% senior notes due December 1, 2024 on November 17, 2022.
Girish Saligram, President and Chief Executive Officer, commented, “I continue to be extremely proud of the progress we have made to strengthen our Company and our balance sheet. Our focus on free cash flow generation, coupled with the announcement of our Revolving Credit Facility, allows us to take another important and significant step towards improving our capital structure efficiency. With this paydown, we will generate $13.8 million in annualized interest savings, further enhancing our Free Cash Flow profile in 2023 and beyond.”
About Weatherford
Weatherford is a leading global energy services company. Operating in approximately 75 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 17,000 team members and approximately 350 operating locations, including manufacturing, research and development, service, and training facilities.
