DISTRESSED DAILY: Weatherford Returns to Bond Market for Refi

Oct. 15, 2021, 12:02 PM

Weatherford International is returning to the bond market once more to retire expensive debt that it took on to exit bankruptcy in late 2019.

The oilfield service company sold $1.6 billion of new 8.625% debt maturing in 2030 to purchase $1.5 billion of its 11% unsecured notes maturing in 2024. Weatherford tapped the bond market last month to issue $500 million of bonds to redeem its 2024 secured notes.

Weatherford’s debt sale is the latest chapter in a turnaround story that began with its bankruptcy filing in July 2019. It exited Chapter 11 just before the start of last year’s ...

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