Nabors Industries has obtained an unsecured revolving credit facility worth $550 million. The terms and duration of the loan are similar to the $750 million credit facility secured in September last year.

The new facility includes an accordion feature that will allow the land drilling contractor to add lenders and increase the aggregate principal amount up to $700 million. The joint lead arrangers and joint book-runners of the facility are Citigroup Global Markets, Mizuho Corporate Bank, Morgan Stanley Senior Funding, and UBS Securities.

Click here for the release from PR Newswire.