Weatherford International plc filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Other Events, Financial Statements and Exhibits
$WFRD
Metal Fabrications
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 6, 2024
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Item 1.01 | Entry into a Material Definitive Agreement. | ||||
The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated herein by reference.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. | ||||
As previously disclosed, Weatherford International Ltd. (“WIL-Bermuda”), Weatherford International, LLC (“WIL-Delaware”), Weatherford Canada Ltd. (“WIL-Canada”), and WOFS International Finance GmbH, a Swiss limited liability company (“WIL-Switzerland” and, together with WIL-Bermuda, WIL-Delaware and WIL-Canada, the “Borrowers”), as borrowers, and Weatherford International plc (“Weatherford”), as parent, entered into an amended and restated credit agreement (as amended and supplemented to date, the “Credit Agreement”) with the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”), on October 17, 2022. Capitalized terms not defined herein shall have the meanings set forth in the Credit Agreement.
On June 6, 2024, the Borrowers, Weatherford, the lenders party thereto and the Administrative Agent entered into the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”), which, among other things, permits, upon satisfaction of certain conditions, future incremental increases in the commitments under the Credit Agreement such that, after giving effect to all such future increases, the Aggregate Commitments shall not exceed $1 billion. As of June 6, 2024, there were approximately $270.5 million of outstanding letters of credit issued in connection with the Performance LC Commitments, $48.2 million of outstanding letters of credit issued in connection with the Revolving Credit Commitments and no outstanding loans in connection with the Revolving Credit Commitments.
The foregoing description of the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Sixth Amendment, which is filed as Exhibit 10.1 to this Form 8-K.
Item 8.01 | Other Information. | ||||
On June 6, 2024, the Borrowers and Weatherford exercised a $40 million incremental increase to the Borrowers’ revolving credit facility (resulting in an aggregate credit facility size of $720 million) by entering into an additional lender supplement to the Credit Agreement (the “Additional Lender Supplement”) with a certain additional lender (the “Additional Lender”), the Administrative Agent and the issuing banks party thereto, whereby the Additional Lender (or its affiliates) became a Lender under the Credit Agreement and provided aggregate additional commitments of $40 million comprised of (i) approximately $18 million for the issuance of bid and performance letters of credit for the Borrowers and certain subsidiaries and (ii) approximately $22 million for revolving loans and the issuance of bid, performance and financial letters of credit for the Borrowers and certain subsidiaries.
The foregoing description of the Additional Lender Supplement does not purport to be complete and is qualified in its entirety by reference to the full text of the Lender Supplement, which is furnished as Exhibit 10.2 to this Form 8-K.
Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Weatherford International plc | |||||
Date: June 11, 2024 | |||||
| /s/ Arunava Mitra | |||||
| Arunava Mitra | |||||
| Executive Vice President and Chief Financial Officer | |||||