May 11, 2019 / 4:05 AM / 15 days ago

BRIEF-Weatherford International Reaches Agreement With Senior Noteholders On Terms Of Comprehensive Financial Restructuring

May 11 (Reuters) - Weatherford International PLC:

* REACHES AGREEMENT WITH SENIOR NOTEHOLDERS ON TERMS OF COMPREHENSIVE FINANCIAL RESTRUCTURING

* WEATHERFORD INTERNATIONAL - RESTRUCTURING IMPLEMENTED BY "PRE-PACKAGED" CHAPTER 11 PROCESS & WILL REDUCE COMPANY'S LONG-TERM DEBT BY MORE THAN $5.8 BILLION

* WEATHERFORD INTERNATIONAL - RESTRUCTURING CONTEMPLATES $1.75 BILLION IN NEW FINANCING AND UP TO $1.25 BILLION IN ADDITIONAL POST-EMERGENCE FINANCING

* WEATHERFORD INTERNATIONAL - WEATHERFORD OPERATIONS CONTINUING WITHOUT INTERRUPTION & NO EXPECTED IMPACT ON CUSTOMERS, VENDORS, PARTNERS OR EMPLOYEES

* TRANSACTION RESULTS IN PRO FORMA NET LEVERAGE AT OR BELOW 2.7X AT YEAR-END 2019

* WEATHERFORD INTERNATIONAL - EXPECTS TO FILE U.S. CHAPTER 11 AND IRISH EXAMINERSHIP PROCEEDINGS

* WEATHERFORD INTERNATIONAL - INTENDS TO CONTINUE DISCUSSIONS WITH & BEGIN SOLICITING VOTES FROM CREDITORS ABOUT PROPOSED REORGANIZATION PRIOR TO FILING

* WEATHERFORD INTERNATIONAL - UNDER TERMS, CO'S UNSECURED NOTEHOLDERS WOULD EXCHANGE ABOUT $7.4 BILLION OF SENIOR UNSECURED NOTES FOR ABOUT 99% OF EQUITY

* WEATHERFORD INTERNATIONAL - UNDER TERMS, CO'S UNSECURED NOTEHOLDERS WOULD ALSO EXCHANGE ABOUT $1.25 BILLION OF NEW TRANCHE B SENIOR UNSECURED NOTES

* WEATHERFORD INTERNATIONAL - IN 2019, 2020 AND 2021, COMPANY FORECASTS NET LEVERAGE OF 2.7X, 1.8X AND 1.2X, RESPECTIVELY Source text for Eikon: Further company coverage:

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