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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, among others, restructuring partners Paul Basta, Kelley Cornish, Robert Britton, Andrew Rosenberg and Brian Hermann; corporate partners 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.

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