HAMILTON, Bermuda, July 15, 2015 /PRNewswire/ -- Nabors
Industries Ltd. (NYSE: NBR) today announced the execution of an
amendment to its existing committed, unsecured revolving credit
facility. Under the terms of the amendment, the borrowing
capacity under the revolving credit facility has been increased to
$2.2 billion. In addition, the
term of the revolving credit facility has been extended until July
2020. The current rate under the revised facility has been
reduced to LIBOR plus 125 bps with standby fees of 15 bps applying
to the undrawn commitment. Nabors expects to use the extended
facility to provide financial flexibility for strategic investment
opportunities, debt refinancing and other corporate uses.
Under the terms of the revolving credit agreement, as amended,
Citigroup Global Markets Inc., Mizuho
Bank, Ltd., HSBC Bank USA,
N.A. and Wells Fargo Bank Securities, LLC., are joint lead
arrangers and bookrunners. The lenders participating in the
facility are Citibank, N.A., Mizuho
Bank, Ltd., HSBC Bank USA,
N.A., Wells Fargo Bank, N.A., HSBC Bank Canada, Bank of America,
N.A., Bank of Tokyo-Mitsubishi UFJ, Ltd., PNC Bank, National
Association, Deutsche Bank AG New York Branch, Morgan Stanley Bank,
N.A., Compass Bank, U.S. Bank National Association, Goldman Sachs
Bank USA, Sumitomo Mitsui Banking
Corporation, Australia and New
Zealand Banking Group Limited, Arab Banking Corporation,
Grand Cayman Branch, and
Riyad Bank, Houston Agency.
About Nabors Industries
The Nabors companies own and operate approximately 468 land
drilling rigs throughout the world. Nabors' actively marketed
offshore fleet consists of six jackups and 36 platform rigs in
the United States and multiple
international markets. Nabors also manufactures top drives and
drilling instrumentation systems. Nabors participates in most
of the significant oil and gas markets in the world.
The information above includes forward-looking statements within
the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934. Such forward-looking statements are subject
to certain risks and uncertainties, as disclosed by Nabors from
time to time in its filings with the Securities and Exchange
Commission. As a result of these factors, Nabors' actual results
may differ materially from those indicated or implied by such
forward-looking statements. The projections contained in this
release reflect management's estimates as of the date of the
release. Nabors does not undertake to update these
forward-looking statements.
Media & Investor Contacts:
Dennis A. Smith, Director of Corporate
Development & Investor Relations, at +1 281-775-8038.
To request investor materials, contact Nabors' corporate
headquarters in Hamilton, Bermuda
at +1 441-292-1510 or via email at mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.