Nabors Secures $1.5 billion Five-Year Unsecured Revolving Credit Facility

Nabors Secures $1.5 billion Five-Year Unsecured Revolving Credit Facility 
HAMILTON, Bermuda, Nov. 29, 2012 /CNW/ - Nabors Industries Ltd. (NYSE: NBR) 
today announced the closing of an unsecured revolving credit facility with an 
aggregate principal amount of $1.5 billion, comprised of a US 
dollar-denominated loan facility of up $1.45 billion and a  Canadian 
dollar-denominated  loan facility of up to $50 million.  The duration of the 
facility is five years.  The terms of the new facility are substantially the 
same as the $750 million credit facility established in September 2010 and the 
$700 million credit facility established in April 2011, both of which were 
terminated contemporaneously with the establishment of the new facility.  A 
Canadian $50 million unsecured revolving loan facility was also terminated 
contemporaneously with the establishment of the new facility.  The new 
facility includes an accordion feature that would allow the Company to add 
lenders and increase the aggregate principal amount up to $1.95 billion.  
Interest margins and undrawn fees are based upon the Company's senior 
unsecured credit ratings.  When drawn, US dollar-denominated borrowings under 
the facility will bear interest, at the Company's option, at either (a) one, 
two, three or six months LIBOR, or (b) the higher of the prime commercial rate 
of Citibank, N.A., the Federal Funds Rate plus ½ of 1%, or one month LIBOR 
plus 1.05%, in each case plus the applicable margin.  Based upon the Company's 
current credit ratings, the interest margin and undrawn fees under option (a) 
would be 130bps and 20bps, respectively, and 25bps and 20 bps under option 
(b).  The interest mechanism for any loans denominated in Canadian dollars is 
similar.  The Company fully and unconditionally guarantees the obligations of 
its subsidiaries that are the borrowers under the credit facility. 
Citigroup Global Markets Inc., Mizuho Corporate Bank Ltd. and HSBC Bank USA, 
N.A. acted as joint lead arrangers and bookrunners.  The other lenders 
participating in the facility are HSBC Bank Canada, Morgan Stanley Bank, N.A., 
PNC Bank, National Association, Bank of America, N.A., Bank of 
Tokyo-Mitsubishi UFJ, Ltd., Wells Fargo Bank, N.A., Compass Bank, Sumitomo 
Mitsui Banking Corporation, Arab Banking Corporation, Grand Cayman Branch, and 
U.S. Bank National Association. 
Anthony Petrello, Nabors' Chairman and Chief Executive Officer, commented, "We 
are pleased to announce this new credit facility, which extends our credit 
facility maturity by three years to 2017.  We appreciate the support and 
confidence of the lenders partnering with us in the new facility and welcome 
the Bank of Tokyo-Mitsubishi UFJ, Wells Fargo Bank, Compass Bank, Sumitomo 
Mitsui Banking Corporation, Arab Banking Corporation and U.S. Bank as new 
participants." 
The Nabors companies own and operate approximately 521 land drilling rigs 
throughout the world and approximately 607 land workover and well servicing 
rigs in North America.  Nabors' actively marketed offshore fleet consists of 
40 platform rigs, 12 jackup units and 4 barge rigs in the United States and 
multiple international markets. In addition, Nabors is one of the largest 
providers of hydraulic fracturing, cementing, nitrogen and acid pressure 
pumping services with approximately 805,000 hydraulic horsepower currently in 
service.  Nabors also manufactures top drives and drilling instrumentation 
systems and provides comprehensive oilfield hauling, engineering, civil 
construction, logistics, and facilities maintenance and project management 
services.  Nabors participates in most of the significant oil and gas markets 
in the world. 
The information above includes forward-looking statements within the meaning 
of the Securities Act of 1933 and the Securities Exchange Act of 1934. Such 
forward-looking statements are subject to certain risks and uncertainties, as 
disclosed by Nabors from time to time in its filings with the Securities and 
Exchange Commission. As a result of these factors, Nabors' actual results may 
differ materially from those indicated or implied by such forward-looking 
statements.  The projections contained in this release reflect management's 
estimates as of the date of the release.  Nabors does not undertake to update 
these forward-looking statements. 
For further information, please contact Dennis A. Smith, Director of Corporate 
Development & Investor Relations, at 281-775-8038. To request investor 
materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at 
441-292-1510 or via email at mark.andrews@nabors.com. 
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SOURCE: Nabors Industries Ltd. 
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CO: Nabors Industries Ltd.
NI: FIN UTI OIL  
-0- Nov/30/2012 00:45 GMT