Nabors extends receivables purchase agreement term to April 2027 and eases liquidity triggers

NABORS INDUSTRIES LTD

Extends facility term to earliest of April 1, 2027, 90 days before credit agreement maturity, or Oct 15, 2025 if 7.25% notes outstanding.
Lowers required liquidity level for weekly reporting from $220M to $87.5M.
Eliminates cash control period and $160M consolidated cash balance termination event.
Adds termination events: minimum guarantor value falls below 90% or interest coverage covenant failure.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NABORS INDUSTRIES LTD amended Fourth Amendment to the Receivables Purchase Agreement with Wells Fargo Bank, N.A., Arab Banking Corporation B.S.C., New York Branch, and Nomura Corporate Funding Americas, LLC (effective 2024-04-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A., Arab Banking Corporation B.S.C., New York Branch, and Nomura Corporate Funding Americas, LLC
Effective: 2024-04-01

Exact text from the filing

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”)

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Source: SEC EDGAR

accession 0001104659-24-043357

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