Nabors gets five-year $325 million term loan at Libor plus 117.5 bps

By Wendy Van Sickle

Columbus, Ohio, Oct. 1 – Nabors Industries, Inc. entered into a $325 million five-year unsecured term loan agreement on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

The loan has mandatory prepayment of $162.5 million due in three years.

The facility bears interest at Libor plus 92.5 basis points to 142.5 bps, depending on debt rating. Initial interest is Libor plus 117.5 bps.

Bank of America Merrill Lynch, the Bank of Tokyo-Mitsubishi UFJ, Ltd. and Mizuho Bank, Ltd. acted as joint lead arrangers and bookrunners; Bank of America, NA as administrative agent; Mizuho Bank, Ltd. as documentation agent; and the Bank of Tokyo-Mitsubishi UFJ, Ltd. as syndication agent.

Nabors will use the proceeds of the loan for general corporate purposes.

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

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