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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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