HAMILTON, Bermuda, Nov. 29, 2012 /PRNewswire/ -- Nabors
Industries Ltd. (NYSE: NBR) today announced the closing of
an unsecured revolving credit facility with an aggregate principal
amount of $1.5 billion, comprised of
a US dollar-denominated loan facility of up $1.45 billion and a Canadian
dollar-denominated loan facility of up to $50 million. The duration of the facility
is five years. The terms of the new facility are
substantially the same as the $750
million credit facility established in September 2010 and the $700 million credit facility established in
April 2011, both of which were
terminated contemporaneously with the establishment of the new
facility. A Canadian $50
million unsecured revolving loan facility was also
terminated contemporaneously with the establishment of the new
facility. The new facility includes an accordion feature that
would allow the Company to add lenders and increase the aggregate
principal amount up to $1.95
billion. Interest margins and undrawn fees are based
upon the Company's senior unsecured credit ratings. When
drawn, US dollar-denominated borrowings under the facility will
bear interest, at the Company's option, at either (a) one, two,
three or six months LIBOR, or (b) the higher of the prime
commercial rate of Citibank, N.A., the Federal Funds Rate plus ½ of
1%, or one month LIBOR plus 1.05%, in each case plus the applicable
margin. Based upon the Company's current credit ratings, the
interest margin and undrawn fees under option (a) would be 130bps
and 20bps, respectively, and 25bps and 20 bps under option
(b). The interest mechanism for any loans denominated in
Canadian dollars is similar. The Company fully and
unconditionally guarantees the obligations of its subsidiaries that
are the borrowers under the credit facility.
Citigroup Global Markets Inc., Mizuho Corporate Bank Ltd. and
HSBC Bank USA, N.A. acted as joint
lead arrangers and bookrunners. The other lenders
participating in the facility are HSBC Bank Canada, Morgan Stanley
Bank, N.A., PNC Bank, National Association, Bank of America, N.A.,
Bank of Tokyo-Mitsubishi UFJ, Ltd., Wells Fargo Bank, N.A., Compass
Bank, Sumitomo Mitsui Banking Corporation, Arab Banking
Corporation, Grand Cayman Branch,
and U.S. Bank National Association.
Anthony Petrello, Nabors'
Chairman and Chief Executive Officer, commented, "We are pleased to
announce this new credit facility, which extends our credit
facility maturity by three years to 2017. We appreciate the
support and confidence of the lenders partnering with us in the new
facility and welcome the Bank of Tokyo-Mitsubishi UFJ, Wells Fargo
Bank, Compass Bank, Sumitomo Mitsui Banking Corporation, Arab
Banking Corporation and U.S. Bank as new participants."
The Nabors companies own and operate approximately 521 land
drilling rigs throughout the world and approximately 607 land
workover and well servicing rigs in North America. Nabors'
actively marketed offshore fleet consists of 40 platform rigs, 12
jackup units and 4 barge rigs in the
United States and multiple international markets. In
addition, Nabors is one of the largest providers of hydraulic
fracturing, cementing, nitrogen and acid pressure pumping services
with approximately 805,000 hydraulic horsepower currently in
service. Nabors also manufactures top drives and drilling
instrumentation systems and provides comprehensive oilfield
hauling, engineering, civil construction, logistics, and facilities
maintenance and project management services. 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.
For further information, please contact Dennis A. Smith, Director of Corporate
Development & Investor Relations, at 281-775-8038. To request
investor materials, contact Nabors' corporate headquarters in
Hamilton, Bermuda at 441-292-1510
or via email at mark.andrews@nabors.com.
SOURCE Nabors Industries Ltd.