Nabors Industries Ltd. Files 8-K: Material Agreement & Financials

TL;DR

Nabors 8-K: New material agreement, financial obligations, and disclosures filed June 17.

AI Summary

On June 17, 2024, Nabors Industries Ltd. entered into a material definitive agreement related to a direct financial obligation. The company also made a Regulation FD disclosure and filed financial statements and exhibits as part of this 8-K filing.

Why It Matters

This filing indicates a significant financial event or agreement for Nabors Industries Ltd., which could impact its financial obligations and operational status.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements and financial obligations, which inherently carry some level of risk and require careful review.

Key Players & Entities

• Nabors Industries Ltd. (company) — Registrant
• June 17, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $350,000,000 — t any time outstanding not in excess of $350,000,000, and the issuing banks have committed t
• $125,000,000 — t any time outstanding not in excess of $125,000,000. Letters of credit issued will not affe
• $200,000,000 — rsa. The A&R Credit Facility contains a $200,000,000 uncommitted accordion feature that can
• $150,000,000 — to the additional liens basket of up to $150,000,000), (ii) a covenant restricting its abili
• $100,000,000 — ject to the grower debt basket of up to $100,000,000) and (iv) financial covenants requiring

Filing Documents

• tm2417192d1_8k.htm (8-K) — 36KB
• tm2417192d1_ex10-1.htm (EX-10.1) — 1650KB
• tm2417192d1_ex99-1.htm (EX-99.1) — 9KB
• tm2417192d1_ex99-1img01.jpg (GRAPHIC) — 8KB
• 0001104659-24-072309.txt ( ) — 2195KB
• nbr-20240617.xsd (EX-101.SCH) — 3KB
• nbr-20240617_lab.xml (EX-101.LAB) — 33KB
• nbr-20240617_pre.xml (EX-101.PRE) — 22KB
• tm2417192d1_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive

Item 1.01 Entry into a Material Definitive Agreement. On June 17, 2024, Nabors Industries, Inc. ("Nabors Delaware"), a wholly owned subsidiary of Nabors Industries Ltd. (the "Company"), and the Company amended and restated that certain credit agreement dated January 21, 2022 (the "Original Credit Agreement" and, as amended and restated, the "A&R Credit Agreement"), among themselves, the other guarantors from time to time party thereto, the revolving lenders, the letter of credit facility participants, the issuing banks and other lenders party thereto and Citibank, N.A., as administrative agent. Under the A&R Credit Agreement, Citibank, N.A. and Wells Fargo Securities, LLC acted as joint lead arrangers and joint bookrunners. Under the A&R Credit Agreement, the lenders have committed to provide to Nabors Delaware an aggregate principal amount of revolving loans at any time outstanding not in excess of $350,000,000, and the issuing banks have committed to provide a standalone letter of credit tranche that permits Nabors Delaware to issue reimbursement obligations under letters of credit in an aggregate principal amount at any time outstanding not in excess of $125,000,000. Letters of credit issued will not affect revolving loan capacity and vice versa. The A&R Credit Facility contains a $200,000,000 uncommitted accordion feature that can be applied to increase the commitments under either the revolving loans or the letter of credit tranche, or both. The borrowings and reimbursement obligations under the A&R Credit Facility will be guaranteed by the Company, Nabors International Management Limited, Nabors Drilling Technologies USA, Inc., Nabors Holdings Ltd., Nabors Drilling Holdings Inc., Nabors Lux 2, Nabors Lux Finance 1, Nabors Global Holdings Limited, Canrig Drilling Technology Canada Ltd., Nabors Alaska Drilling, Inc. and each other subsidiary that from time to time delivers a guaranty pursuant to the A&R Credit Facility (the "Credit Facility Guarantors"). Nab

03 Creation of a Direct Financial Obligation

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On June 17, 2024, we issued a press release announcing the amendment and restatement of the credit agreement discussed above. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amended & Restated Credit Agreement, dated as of June 17, 2024, among Nabors Industries, Inc., as Borrower, Nabors Industries Ltd., as Holdings, the other Guarantors from time to time party thereto, the Issuing Banks and other Lenders party thereto and Citibank, N.A., as Administrative Agent.* 99.1 Press Release. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). * Certain schedules and exhibits have been omitted in accordance with Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the Securities and Exchange Commission upon request.

SIGNATURES

SIGNATURES 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: June 17, 2024 By: /s/ Mark D. Andrews Name: Mark D. Andrews Title: Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR