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Weatherford Completes $500 Million Refinancing

Paul, Weiss is representing Weatherford International plc and certain subsidiaries in the refinancing of its asset-based lending facility through the issuance of $500 million of 8.75% senior secured first lien notes maturing on September 1, 2024. The company, a leading Irish-domiciled multinational oil-and-gas company, also amended and increased the size of its senior secured letter of credit agreement to $215 million.

The transaction will provide Weatherford with additional liquidity and the flexibility to manage through the current operating environment, with over $1.2 billion of cash on hand at closing, including the net proceeds from the transactions; over $50 million of capacity under its upsized credit letter of credit agreement; and no debt maturities prior to the second quarter of 2024.

The Paul, Weiss team includes restructuring partners Paul Basta, Kelley Cornish, Robert Britton, Andrew Rosenberg and Brian Hermann; corporate partners Austin Witt, Laura Turano, John Kennedy, Scott Barshay, Caith Kushner, Kyle Seifried, Mark Bergman, Brian Janson, Raphael Russo and Gregory Ezring and counsel Patricia Vaz de Almeida; employee benefits partner Jean McLoughlin and counsel Jarrett Hoffman and Reuven Falik; litigation partners Liza Velazquez, Bruce Birenboim, Lewis Clayton and Richard Rosen; tax partner Robert Holo; real estate partner Harris Freidus; and intellectual property partner Claudine Meredith-Goujon.

August 28, 2020

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