Oil Patch Bits: Nabors realigns unsecured revolving credit facilities
Nabors Industries Ltd. announced the closing, on Oct. 11, of an unsecured revolving credit facility of its wholly owned subsidiaries, Nabors Industries Inc., Nabors Delaware and Nabors Drilling Canada Ltd., with an aggregate principal amount of $1,267,000,000, comprised of a loan facility of up to $1,227,000,000, which can be drawn upon by Nabors Delaware in U.S. dollar borrowings, and a loan facility of up to $40,000,000, which can be drawn upon by Nabors Canada in either U.S. or Canadian dollar borrowings. The facility matures on the earlier of (a) Oct. 11, 2023, and (b) July 19, 2022, if any of Nabors Delaware’s existing 5.5 percent senior notes due January 2023 remain outstanding as of such date. In connection with the new unsecured revolving credit facility, Nabors and Nabors Delaware entered into Amendment No. 3 to its existing credit agreement dated Nov. 29, 2012, which, among other things, provides for Citibank, N.A.’s resignation as administrative agent and the appointment of Wilmington Trust, National Assoc. as administrative agent, reduces the overall commitments available to $666,250,000 and provides for certain lenders to exit the facility. The existing credit facility matures on July 14, 2020.
Further details regarding the unsecured revolving credit facility and the amendment to existing credit agreement are available in a current report on Form 8-K filed with the Securities and Exchange Commission. For more information visit. www.nabors.com.
Editor’s note: Some of these news items will appear in the next Arctic Oil & Gas Directory, a full color magazine that serves as a marketing tool for Petroleum News’ contracted advertisers. The next edition will be released in March.