Nabors lifts revolver by $700 million, extends, improves pricing

By Wendy Van Sickle

Columbus, Ohio July 15 – Nabors Industries Ltd. expanded, extending and reduced pricing of its unsecured revolving credit facility, the company announced in a Wednesday press release.

The facility’s capacity is increased to $2.2 billion from $1.5 billion. Its accordion is now $500 million, up from $450 million, according to an 8-K filed with the Securities and Exchange Commission.

The current interest rate has been reduced to Libor plus 125 basis points. It can range from Libor plus 100 bps to 150 bps, depending on the company’s debt rating. The facility’s standby fee is at 15 bps and can range from 10 bps to 25 bps.

The revolver now matures in July 14, 2020 and allows for up to two one-year extensions.

Citigroup Global Markets Inc., Mizuho Bank, Ltd., HSBC Bank USA, NA and Wells Fargo Bank Securities, LLC are the joint lead arrangers and bookrunners.

Citibank NA is the administrative agent. HSBC Bank USA is the syndication agent. Documentation agents are Mizuho Bank Ltd., HSBC Bank USA, NA and Wells Fargo Bank.

The company said it will use the extended facility for strategic investment opportunities, debt refinancing and other corporate uses.

The oil, natural gas and geothermal drilling contractor is based in Hamilton, Bermuda.

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