Weatherford International, a Houston-based equipment supplier to the oil and gas industry, is considering entering an interest-rate swap to convert a recent USD250 million fixed-rate note into a synthetic floater. Joseph Gocke, treasurer, said the corporate is considering entering the transaction as a means of saving money on its interest-rate payments. As long as the yield curve remains steep the swap will be under consideration, said Gocke. Weatherford is likely to decide whether to pull the trigger by year-end, he said.
Deutsche Bank and Merrill Lynch lead managed the note sale. The notes, which pay a coupon of 4.95%, mature in 2013.
