REVOLVING CREDIT FACILITY
SUMMARY OF PRINCIPAL TERMS AND CONDITIONS
Nabors Industries, Inc. (“ Borrower ”), a wholly owned subsidiary of
Nabors Industries Ltd. (“ Holdings ”).
Sole Lead Arranger and Sole
UBS Securities LLC (“ UBSS ” or the “ Lead Arranger ”).
A syndicate of banks, financial institutions and other entities, including
UBS Loan Finance LLC (“ UBS ”), arranged by the Lead Arranger
(collectively, the “ Lenders ”).
Administrative Agent and Issuing
UBS AG, Stamford Branch.
Swingline Lender :
UBS Loan Finance LLC.
A revolving credit facility in an aggregate principal amount of up to
The Revolving Credit Facility is herein referred to as the “ Credit
On and following the Closing Date, the Credit Facility will be used by
Borrower and its subsidiaries for working capital and general corporate
purposes, including capital expenditures.
Four years from the Closing Date.
Accordion Option :
At any time prior to Maturity and so long as no default or event of default
has occurred and is continuing, the Borrower shall have the right (without
the consent of any Lender) to increase the aggregate amount of the
commitments under the credit agreement to an aggregate amount of up to
$850,000,000, subject to receipt of commitments equal to such
requested increase amount from existing lenders or new lenders selected
by the Borrower.
Closing Date :
The date that the conditions precedent to funding are satisfied, but not
later than December 31, 2010.
Upon satisfaction or waiver of conditions precedent to drawing to be
specified in the Bank Documentation, borrowings may be made at any
time on or after the Closing Date to but excluding the business day
preceding the maturity date of the Credit Facili