Weatherford enters $370M credit facility, plans to redeem $125M of 11% senior notes

Weatherford International plc

New $370M credit facility with $45M revolver; can increase to $600M; matures Oct 2026.
Plans to redeem $125M of 11% senior notes due 2024 using cash on hand on Nov 17, 2022.
Annualized interest savings from redemption: $13.8M.
CEO cites progress on strengthening balance sheet and free cash flow generation.

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