Street Calls of the Week
HOUSTON - Weatherford International plc (NASDAQ:WFRD), a $4.64 billion market cap energy services company, announced today it has upsized its cash tender offer for its 8.625% Senior Notes due 2030 from an unspecified amount to $1.3 billion. According to InvestingPro data, the company maintains a healthy balance sheet with liquid assets exceeding short-term obligations.
The tender offer is being conducted by Weatherford’s subsidiaries, Weatherford International, LLC and Weatherford International Ltd. The company is offering to purchase the notes at $1,023.90 per $1,000 principal amount, including an early tender payment of $30.00, for notes tendered by October 3, 2025, at 5:00 p.m., New York City time. With a current ratio of 2.21 and operating with moderate debt levels, the company appears well-positioned to execute this transaction.
Notes tendered after the early deadline but before the expiration time of October 21, 2025, will be eligible to receive $993.90 per $1,000 principal amount. Tendering holders will also receive accrued and unpaid interest from the last interest payment date to the applicable settlement date.
Settlement for notes tendered by the early deadline is expected to occur on October 7, 2025, while settlement for notes tendered after the early deadline is expected on October 23, 2025.
The tender offer is not contingent on any minimum amount of notes being tendered but is subject to certain conditions, including the completion of a concurrent senior notes offering on terms satisfactory to Weatherford.
Wells Fargo Securities LLC is acting as dealer manager for the tender offer, with D.F. King & Co., Inc. serving as the information agent and tender agent.
Weatherford provides energy services that integrate technologies with digitalization to create sustainable offerings. The company operates in approximately 75 countries with about 17,300 employees representing more than 110 nationalities.
This article is based on a press release statement from Weatherford International.
In other recent news, Weatherford International reported several notable developments. Fitch Ratings upgraded Weatherford’s Issuer Default Ratings to ’BB’ with a Stable outlook, citing expectations of continued margin improvement, operational diversification, and enhanced liquidity. Weatherford also announced plans for a $600 million senior notes offering due in 2033 and launched a cash tender offer to purchase up to $700 million of its 8.625% Senior Unsecured Notes due 2030. The company expanded its credit facility by $280 million, bringing total commitments to $1 billion, with provisions for further increases under certain conditions. Additionally, Weatherford secured a three-year, $147 million contract from Petrobras for Tubular Running Services in Brazil, using several advanced technologies. These developments reflect Weatherford’s strategic financial maneuvers and operational expansions.
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