Nabors to repay $457.5 million of revolver with new note proceeds

By Marisa Wong

Los Angeles, Nov. 18 – Nabors Industries Ltd. said it intends to repay $457.5 million of the amount outstanding under indirect wholly owned subsidiary Nabors Industries, Inc.’s revolving credit facility using proceeds from an offering of new notes.

As of Nov. 18, there is $585 million outstanding under the revolver, excluding $62.6 million of letters of credit.

Remaining proceeds from the new notes due 2027 will be used for general corporate purposes.

Nabors is a Hamilton, Bermuda-based oil and gas drilling contractor.

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