Weatherford (WFT) Issues Update on Covenant Calculation; SSL and LC Ratio Lowered
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Weatherford International plc (NYSE: WFT) announces that upon extensive review, which included the administrative agent under our credit facilities and with our internal counsel, the Company confirms that the calculation of adjusted EBITDA should be (and is now) calculated with the same formula for both of the Company's Leverage Ratio covenants, i.e. the Specified Senior Leverage Ratio and the Specified Leverage and Letters of Credit (LC) Ratio, in the revolving and term loan credit facilities.
The resulting adjusted Specified Senior Leverage and LC Ratio, as of the end of the third quarter 2016, is now 3.18x, versus the previously reported ratio of 3.67x.
There is no impact on the other two covenant calculations.
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