HAMILTON, Bermuda, Oct. 12, 2018 /PRNewswire/ -- Nabors
Industries Ltd. ("Nabors") (NYSE: NBR) today announced the
closing, on October 11, 2018, of an
unsecured revolving credit facility of its wholly-owned
subsidiaries, Nabors Industries, Inc. ("Nabors Delaware") and Nabors Drilling Canada
Limited ("Nabors Canada"),
with an aggregate principal amount of $1,267,000,000, comprised of a loan facility of
up to $1,227,000,000, which can be
drawn upon by Nabors Delaware in
U.S. dollar borrowings, and a loan facility of up to $40,000,000, which can be drawn upon by
Nabors Canada in either U.S. or
Canadian dollar borrowings. The facility matures on the earlier of
(a) October 11, 2023 and (b)
July 19, 2022, if any of Nabors Delaware's existing 5.5% senior notes due
January 2023 remain outstanding as of
such date. In connection with the new unsecured revolving credit
facility, Nabors and Nabors Delaware
entered into Amendment No. 3 to its existing credit agreement dated
November 29, 2012, which, among other
things, provides for Citibank, N.A.'s resignation as administrative
agent and the appointment of Wilmington Trust, National Association
as administrative agent, reduces the overall commitments available
to $666,250,000 and provides for
certain lenders to exit the facility. The existing credit facility
matures on July 14, 2020.
When drawn, US dollar-denominated borrowings under the new
facility will bear interest, at Nabors Delaware's option, at either
(a) the "Base Rate" plus the applicable interest margin, calculated
on the basis of the actual number of days elapsed in a year of 365
or 366 days and payable quarterly in arrears or (b) interest
periods of one, two, three or six months at an annual rate equal to
the London Interbank Offered Rate ("LIBOR") for the corresponding
deposits of U.S. dollars, plus the applicable interest margin. The
"Base Rate" is defined, for any day, as a fluctuating rate per
annum equal to the highest of (i) the Federal Funds Rate, as
published by the Federal Reserve Bank of New York, plus 1/2 of 1.00%, (ii) the prime
commercial lending rate of Citibank, N.A., and (iii) LIBOR for an
interest period of one-month beginning on such day plus 1.00%. The
interest mechanism for any loans denominated in Canadian dollars is
similar. The facility is guaranteed by Nabors and certain
subsidiaries of Nabors. The unsecured revolving credit facility
also includes a U.S. dollar-denominated standby letter of credit
facility and a U.S. dollar denominated swingline facility.
Citibank, N.A., Mizuho Bank, LTD.
and Wells Fargo Securities, LLC acted as joint lead arrangers and
bookrunners under the new credit facility.
Further details regarding the unsecured revolving credit
facility and the amendment to existing credit agreement is
available in a Current Report on Form 8-K filed with the Securities
and Exchange Commission.
Statements in this release that are not historical facts are
"forward-looking" statements and "safe harbor statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and/or uncertainties, including those described
in Nabors' public filings with the SEC. Nabors has based
forward-looking statements on management's current expectations and
assumptions and not on historical facts. These forward-looking
statements involve a number of risks and uncertainties. Among the
factors that could cause actual results to differ materially from
those indicated in such forward-looking statements include risks
related to market conditions and the satisfaction of customary
closing conditions related to the credit facility, as well as risks
and uncertainties associated with Nabors' business and finances in
general. Other factors that could cause actual results to differ
materially from those indicated by the forward-looking statements
include those factors listed under the caption "Risk Factors" in
Nabors' Form 10-Q for the quarter ended June
30, 2018, filed with the SEC on August 1, 2018, Form 10-Q for the quarter ended
March 31, 2018, filed with the SEC on
May 3, 2018, and Form 10-K for the
year ended December 31, 2017, filed
with the SEC on March 1, 2018, as
amended by Amendment No. 1 to Nabors' Annual Report on Form 10-K
filed with the SEC on March 29, 2018,
as well as other filings Nabors makes with the SEC from time to
time. In providing forward-looking statements, Nabors is not
undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or
otherwise, except as required by law. If Nabors updates one or more
forward-looking statements, no inference should be drawn that it
will make additional updates with respect to those other
forward-looking statements.
About Nabors Industries
Nabors owns and operates one of the world's largest land-based
drilling rig fleets and is a provider of offshore platform rigs in
the United States and numerous
international markets. Nabors also provides directional drilling
services, performance tools, and innovative technologies for its
own rig fleet and those of third parties. Leveraging our advanced
drilling automation capabilities, Nabors' highly skilled workforce
continues to set new standards for operational excellence and
transform our industry.
Media & Investor Contacts
Dennis A. Smith, Vice President, Corporate
Development & Investor Relations, at +1 281-775-8038.
William Conroy, Senior Director,
Corporate Development & Investor Relations, at +1
281-775-2423.
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.