Nabors Secures Additional $550 Million Unsecured Revolving Credit Facility (NBR)

Nabors Industries Ltd. NBR today announced the closing of an additional unsecured revolving credit facility with an aggregate principal amount of $550 million. The duration and terms of this new facility are substantially the same as the $750 million credit facility we established last September, which has approximately 3.5 years remaining on the term. This new facility includes an accordion feature that would allow the Company to add lenders and increase the aggregate principal amount up to $700 million. Interest margins and undrawn fees are based upon the Company's senior unsecured credit ratings. When drawn, the facility will bear interest, at the Company's option, at either (a) one, two, three or six months LIBOR plus the applicable margin, or (b) the higher of the prime commercial rate of Citibank, N.A., the Federal Funds Rate plus 1/2 of 1% or one month LIBOR, plus the applicable margin. Based upon the Company's current credit ratings of BBB+, BBB and Baa2 the interest margin and undrawn fees under option (a) would be 150bps and 20bps, respectively, and 25bps and 20bps under option (b). The borrower under the credit facility is Nabors Industries, Inc., a Delaware corporation and wholly owned subsidiary of the Company. The Company will fully and unconditionally guarantee the obligations of the borrower under the credit facility.