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Weatherford Files Second Amended Plan of Reorganization

Sept. 10, 2019, 3:11 AM

Weatherford International announces amended plan, that upon exit from bankruptcy the company will have access to additional financing, according to filing.

  • Additional financing in form of:
    • ‣ undrawn first lien exit revolving credit facility of at least $600m
    • ‣ Up to $2.1b of single tranche of new senior unsecured notes with a five-year maturity
    • ‣ New senior unsecured notes will consist of $500m of new takeback notes and up to $1.6b in new financing
  • Amount of new senior unsecured notes, up to $2.1b, represents a reduction of $400m in aggregate principal amount of unsecured notes compared to what was contemplated ...