Weatherford International plc (WFRD): debt financing — Weatherford removes $500M debt prepayment cap, adopts leverage ratio test in credit amendment

Weatherford International plc

Third Amendment removes $500M cap on redemptions; now unlimited subject to funded debt net of cash/EBITDA not exceeding 2.50x.
Minimum Aggregate Liquidity reduced from $350M to $300M; no Default or Event of Default required.
Amendment dated March 24, 2023; other material terms of credit agreement unchanged.
Wells Fargo as administrative agent; lenders include Deutsche Bank, Barclays, Standard Chartered, Morgan Stanley, ATB, Citibank.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Weatherford International plc amended credit facility with Wells Fargo Bank, National Association.

Instrument: credit facility
Counterparty: Wells Fargo Bank, National Association
Event: amendment

Exact text from the filing

On March 24, 2023, the Borrowers, the Company and the Administrative Agent entered into the Third Amendment to Amended and Restated Credit Agreement (the “Third Amendment”), which permits unlimited prepayments and other Redemptions of indebtedness (which previously was limited to $500,000,000), subject to (i) the ratio of funded debt (net of unrestricted cash in excess of $400 million) to consolidated adjusted EBITDA not exceeding 2.50 to 1.00, (ii) no Default or Event of Default existing and (iii) Aggregate Liquidity equaling or exceeding $300,000,000 (which previously was $350,000,000).

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Source: SEC EDGAR

accession 0001104659-23-036717

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