Nabors Industries Ltd. Enters Material Definitive Agreement

TL;DR

Nabors just signed a big deal, creating a new financial obligation. Keep an eye on this.

AI Summary

On April 1, 2024, Nabors Industries Ltd. entered into a material definitive agreement, creating a direct financial obligation. The company, incorporated in Bermuda, filed an 8-K report detailing this event.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Nabors Industries Ltd., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating new financial obligations can introduce financial risks and operational changes that warrant close monitoring.

Key Players & Entities

• Nabors Industries Ltd. (company) — Registrant
• April 1, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $220,000,000 — l for each Weekly Reporting Period from $220,000,000 to $87,500,000; Eliminate the Cash Co
• $87,500,000 — y Reporting Period from $220,000,000 to $87,500,000; Eliminate the Cash Control Period;
• $160,000,000 — reement, a Consolidated Cash Balance of $160,000,000; and Add as events of termination, as

Filing Documents

• tm2410980d1_8k.htm (8-K) — 33KB
• tm2410980d1_ex10-1.htm (EX-10.1) — 985KB
• 0001104659-24-043357.txt ( ) — 1374KB
• nbr-20240401.xsd (EX-101.SCH) — 3KB
• nbr-20240401_lab.xml (EX-101.LAB) — 33KB
• nbr-20240401_pre.xml (EX-101.PRE) — 22KB
• tm2410980d1_8k_htm.xml (XML) — 4KB

01

Item 1.01 Entry into a Material Definitive Agreement. On April 1, 2024, Nabors Industries, Inc. a Delaware corporation ("Nabors Delaware") and Nabors A.R.F., LLC, a bankruptcy remote special purpose entity organized under the laws of Delaware ("NARF," and together with Nabors Delaware, the "Nabors Entities"), each an indirect subsidiary of Nabors Industries Ltd. (the "Company"), together with Wells Fargo Bank, N.A. ("Wells Fargo"), Arab Banking Corporation B.S.C., New York Branch, and Nomura Corporate Funding Americas, LLC ("Nomura"), entered into the Fourth Amendment to the Receivables Purchase Agreement (the "Fourth Amendment"), amending that certain Receivables Purchase Agreement dated September 13, 2019, among the Nabors Entities, the Purchasers party thereto, and Wells Fargo as Administrative Agent, (as amended by that certain First Amendment to the Receivables Purchase Agreement dated effective July 13, 2021, by that certain Second Amendment to the Receivables Purchase Agreement dated effective May 13, 2022, and by that certain Third Amendment to the Receivables Purchase Agreement dated effective June 29, 2022, the "Purchase Agreement"). The Fourth Amendment amends the Purchase Agreement to, among other things: Extend the term of the Purchase Agreement to the earliest to occur of (i) April 1, 2027, (ii) the day that is ninety (90) calendar days prior to the occurrence of the "Maturity Date" (or other similar or replacement term) under and as defined in the Credit Agreement dated as of January 21, 2022 (the "Credit Agreement") and (iii) if any of the principal amount of the 7.25% Senior Notes are outstanding as of October 15, 2025, then October 15, 2025; Decrease the triggering Liquidity level for each Weekly Reporting Period from $220,000,000 to $87,500,000; Eliminate the Cash Control Period; Eliminate as an event of termination, the failure to maintain, unless cured as provided by in the Credit Agreement, a Consolidated Cash Balance of $160,000,000

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. (b) The disclosure set forth in Item 1.01 above is incorporated herein by reference in its entirety.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Fourth Amendment to the Receivables Purchase Agreement, dated as of April 1, 2024, by and among Nabors A.R.F., LLC, Nabors Industries, Inc., Arab Banking Corporation B.S.C. New York Branch, Nomura Corporate Funding Americas, LLC, and Wells Fargo Bank, N.A. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NABORS INDUSTRIES LTD. Date: April 4, 2024 By: /s/ Mark D. Andrews Mark D. Andrews Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR