Nabors obtains $300 million three-year term loan at Libor plus 150 bps

New York, Feb. 9 – Nabors Industries Ltd. and its subsidiary Nabors Industries, Inc. entered into a $300 million three-year unsecured term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The initial interest rate on the loan is Libor plus 150 bps, and it will vary in the future from Libor plus 112.5 bps to Libor plus 200 bps, depending on Nabors’ credit rating.

Citigroup Global Markets Inc. and Mizuho Bank, Ltd. are joint lead arrangers and bookrunners, Citibank, NA is administrative agent, HSBC Bank USA, NA and Wells Fargo Bank, NA are documentation agents and Mizuho Bank, Ltd. is syndication agent.

Proceeds of $70 million or more from a sale of assets, debt issuance or equity issuance must be used to prepay borrowings on the loan.

The facility closed on Friday.

Nabors is a Houston-based oilfield services company with its legal headquarters in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.