Weatherford increases credit facility to $680 million

By Wendy Van Sickle

Columbus, Ohio, April 23 – Weatherford International plc increased its credit facility by $130 million to $680 million in total commitments, according to a news release.

The increase was accomplished by adding lenders to the credit facility, which now comprises a $309 million tranche for letters of credit and a $371 million tranche for revolving loans.

The company also said it expects to redeem the remaining $81,502,600 principal amount outstanding of its 6½% senior notes due 2028 before the end of May.

Weatherford is an oilfield services company with headquarters in Houston.

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