Weatherford International plc Files 8-K on Material Definitive Agreement

TL;DR

WFRD filed an 8-K for a material definitive agreement - check the details.

AI Summary

On June 6, 2024, Weatherford International plc entered into a material definitive agreement related to its financial obligations. The company, incorporated in Ireland with its principal executive offices in Houston, Texas, filed this 8-K report to disclose these events.

Why It Matters

This filing indicates a significant contractual event for Weatherford International plc, potentially impacting its financial structure and operational commitments.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new financial obligations or alter existing ones, carrying inherent risks that depend on the specific terms.

Key Numbers

• 001-36504 — Commission File Number (Identifies the company's filing with the SEC.)
• 98-0606750 — I.R.S. Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Weatherford International plc (company) — Registrant
• June 6, 2024 (date) — Date of earliest event reported
• Ireland (jurisdiction) — State or other jurisdiction of incorporation
• 2000 St. James Place, Houston, Texas 77056 (address) — Address of principal executive offices

FAQ

Key Financial Figures

• $0.001 — e on which registered Ordinary shares, $0.001 par value per share WFRD The Nasdaq Glo
• $1 billion — Aggregate Commitments shall not exceed $1 billion. As of June 6, 2024, there were approxi
• $270.5 million — June 6, 2024, there were approximately $270.5 million of outstanding letters of credit issued
• $48.2 million — on with the Performance LC Commitments, $48.2 million of outstanding letters of credit issued
• $40 million — e Borrowers and Weatherford exercised a $40 million incremental increase to the Borrowers'
• $720 million — in an aggregate credit facility size of $720 million) by entering into an additional lender
• $18 million — million comprised of (i) approximately $18 million for the issuance of bid and performance
• $22 million — ain subsidiaries and (ii) approximately $22 million for revolving loans and the issuance of

Filing Documents

• wfrd-20240606.htm (8-K) — 37KB
• exhibit101-sixthamendmentt.htm (EX-10.1) — 78KB
• exhibit102-additionallende.htm (EX-10.2) — 49KB
• 0001603923-24-000098.txt ( ) — 321KB
• wfrd-20240606.xsd (EX-101.SCH) — 2KB
• wfrd-20240606_def.xml (EX-101.DEF) — 4KB
• wfrd-20240606_lab.xml (EX-101.LAB) — 25KB
• wfrd-20240606_pre.xml (EX-101.PRE) — 15KB
• wfrd-20240606_htm.xml (XML) — 3KB

01

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.

03

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.

01

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.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description 10.1 Sixth Amendment to Amended and Restated Credit Agreement, dated as of June 6 , 202 4 , by and among Weatherford International Ltd., Weatherford International, LLC, Weatherford Canada Ltd., WOFS International Finance GmbH, Weatherford International plc, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent . 10.2 Additional Lender Supplement, dated as of June 6 , 202 4 , by and among Weatherford International Ltd., Weatherford International, LLC, Weatherford Canada Ltd., WOFS International Finance GmbH, Weatherford International plc, Arab Banking Corporation (B.S.C.) New York Branch, as an Additional Lender, the other Issuing Banks party thereto and Wells Fargo Bank, National Association, as administrative agent. *Schedules and similar attachments have been omitted pursuant to Regulation S-K Item 601(a)(5). Weatherford agrees to furnish a supplemental copy of any omitted schedule or attachment to the Securities and Exchange Commission upon request . 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 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

View Full Filing

View this 8-K filing on SEC EDGAR