Weatherford announces $236 million debt redemption
WFRD•Weatherford will redeem all $236 million of its 8.63% Senior Notes due 2030 at par, using cash on hand. The redemption is expected to reduce annualized cash interest expense by approximately $20 million, with no debt scheduled to mature for approximately seven years afterward.
1. Debt redemption
Weatherford announced it will redeem all $236 million outstanding of its 8.63% Senior Notes due 2030 at 100% of principal, plus accrued and unpaid interest, using cash on hand. The redemption will reduce gross debt by $236 million, and annualized cash interest expense is expected to fall by approximately $20 million. No remaining outstanding debt is scheduled to mature for approximately seven years following the redemption.
