Milbank LLP advised Nabors Industries Ltd. in connection with the amendment and restatement, by its wholly owned subsidiary Nabors Industries, Inc., of its existing credit facility. The amended and restated facility comprises a $350 million revolving loan tranche and a $125 million letter of credit tranche. Additionally, the facility contains an uncommitted $200 million accordion that can be applied to the revolving tranche, the letter of credit tranche or both. Usage of the letters of credit does not affect availability of the revolving loans or vice versa.
Concurrently, Milbank also advised Nabors in connection with Nabors Industries, Inc.’s issuance of 8.875% senior guaranteed notes due 2031. The proceeds from the offering will be used to redeem Nabors Industries Ltd.’s outstanding 7.25% senior guaranteed notes due 2026.
The Milbank deal team was led by Corporate Finance and Securities partners Brett Nadritch and Antonio Diaz-Albertini and associates Jonathan Markowitz, Ian Hunley, Nicole Haddad and Kendall Langs.
