Weatherford International plc (WFRD): debt financing — Weatherford Q3 revenue $1.313B (+17% YoY), raises FY outlook, announces $550M credit facility

Weatherford International plc

2023-Q3 EPS reported $3.76 revenue$3,773,000,000

Q3 revenue $1,313M (+17% YoY); net income $123M (+339% YoY); adjusted EBITDA margin 23.2% (over 14-year high).
Cash from ops $172M; debt repayments $147M on 6.50% Senior Secured Notes; raised full-year outlook.
Announced $550M credit facility with $300M cash revolver and 5-year maturity; optional $200M accordion.
Launched ForeSite ReGenX-i, first regenerative VSD for rod-lift, recycling wasted power and reducing emissions.

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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 revolving credit of $550 million revolving credit facility with Wells Fargo Bank, National Association at Adjusted Term SOFR plus an applicable margin of 225-375 basis points per annum maturing October 24, 2028.

Instrument: revolving credit
Principal: $550 million revolving credit facility
Counterparty: Wells Fargo Bank, National Association
Rate: Adjusted Term SOFR plus an applicable margin of 225-375 basis points per annum
Maturity: October 24, 2028
Event: amendment

Exact text from the filing

On October 24, 2023 (the “Amendment Effective Date”), the Borrowers, Weatherford, each other Obligor, the lenders party thereto and the Administrative Agent entered into the Fourth Amendment to Amended and Restated Credit Agreement (the “Fourth Amendment”), which, among other things, increases the aggregate commitments under the revolving credit facility such that the Amended and Restated Credit Agreement provides for a $550 million revolving credit facility

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Weatherford International plc reported the third quarter ended September 30, 2023 results: revenue $1,313 million, net income $123 million. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $1,313 million
Net income: $123 million
Guidance: raised
Result: reported results

Exact text from the filing

Revenues of $1,313 million increased 3% sequentially and 17% year-over-year

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Weatherford International plc filing history →

Source: SEC EDGAR

accession 0001104659-23-111127

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