Arctic Directory: Nabors secures unsecured revolving credit facility

Nabors Industries Ltd. said Nov. 29 that it was announcing the closing of an unsecured revolving credit facility with an aggregate principal amount of $1.5 billion, comprised of a U.S. dollar-denominated loan facility of up $1.45 billion and a Canadian dollar-denominated loan facility of up to $50 million. The duration of the facility is five years.

The terms of the new facility are substantially the same as the $750 million credit facility established in September 2010 and the $700 million credit facility established in April 2011, both of which were terminated contemporaneously with the establishment of the new facility. The new facility includes an accordion feature that would allow the Company to add lenders and increase the aggregate principal amount up to $1.95 billion. Interest margins and undrawn fees are based upon the company’s senior unsecured credit ratings. When drawn, U.S. dollar-denominated borrowings under the facility will bear interest, at the company’s option, at either (a) one, two, three or six months LIBOR, or (b) the higher of the prime commercial rate of Citibank N.A., the Federal Funds Rate plus one-half of 1 percent, or one month LIBOR plus 1.05 percent, in each case plus the applicable margin. The company fully and unconditionally guarantees the obligations of its subsidiaries that are the borrowers under the credit facility.

For further information, please contact Dennis A. Smith, director of Corporate Development & Investor Relations, at 281-775-8038. To request investor materials, contact Nabors’ corporate headquarters in Hamilton, Bermuda at 441-292-1510 or via email at [email protected].

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