Shearman & Sterling advised Citibank, N.A., as administrative agent, on a $350 million financing for Nabors Industries, Inc. consisting of a $350 million revolving credit facility with a $100 million accordion feature that refinanced the company’s existing revolving credit facilities.
Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells. The company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. It provides tubular running, wellbore placement, directional drilling, measurement-while-drilling (MWD), equipment manufacturing and rig instrumentation services; and logging-while-drilling systems and services, as well as drilling optimization software.
The Shearman & Sterling team below included associates Arshia Asif and Andrew Mavers (both NY-Finance).