Weatherford International Looks to Shore Up Balance Sheet With Offering

Shares of Weatherford International (WFT) - Get Report are trading slightly lower on Thursday after announcing an upsized exchangeable note offering. The oil and gas services company is offering 1.1 billion dollars of exchangeable senior notes due in 2021. Weatherford says it will use proceeds from the sale to fund a separate cash tender offering that is for notes due between 2017 and 2020. At the end of the first quarter, Weatherford had nearly $6 billion in long-term debt on its balance sheet. Real Money's Fill or Kill Team's Carleton English says refinancing debt buys time for Weatherford but also highlights the fact the debtor has an unsustainable debt burden.

This article was written by a staff member of TheStreet.