Weatherford International and a subsidiary of the company entered into an amended and restated credit agreement with group of lenders led by JPMorgan Chase Bank as administrative agent. The company amended its existing senior revolving credit facility to modify the definition of consolidated adjusted EBITDA and to make other definitional and covenant modifications. In addition, under the terms of the amendment, the total commitments under the facility will be reduced from $1.38 billion to $1.199 billion.
Also on April 17, 2017, the company and a subsidiary entered into an amendment to a term loan agreement with JPMorgan Chase Bank as administrative agent for the lender group. Pursuant to the amendment, a portion of which is effective as of March 31, 2017, the company amended its existing term loan agreement to modify the definition of consolidated adjusted EBITDA set forth therein, made definitional and covenant modifications, and clarified certain collateral matters.