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Nabors Increases Credit to $2.2 Billion
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Nabors Industries Ltd. has 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…
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