DISTRESSED DAILY: Weatherford Benefits from Drilling Comeback

Weatherford International Ltd. is getting a boost from an increase in oil drilling and its previous debt redemption activities, according to Bloomberg Intelligence.

The Houston-based firm is currently negotiating with banks to secure a new revolving credit line of up to $400 million which could supplement its existing $215 million credit line. More credit could give the company flexibility to repay the remaining balance of its 11% notes due in 2024, and a recent 300 basis point rally in the yield on Weatherford’s unsecured bonds could help facilitate a refinancing or repayment of the 11% unsecured notes, Bloomberg Intelligence ...