Subsequent Events

12 Months Ended

Dec. 31, 2014

Subsequent Events

Subsequent Events

Note 25 Subsequent Events

       On February 20, 2015, our Board of Directors declared a cash dividend of $0.06 per common share, which will be paid on March 31, 2015 to shareholders of record at the close of business on March 10, 2015.

       In February 2015, we exercised an option under our existing revolving credit facility to increase the borrowing capacity by $225.0 million, and Nabors Industries, Inc., our wholly owned subsidiary, entered into a new unsecured term loan facility for $300.0 million with a three-year maturity, which is fully and unconditionally guaranteed by Nabors. Together with our commercial paper program, our total available borrowing capacity increased by $525.0 million. Under the new term loan facility, we are required to prepay the loan upon the closing of the Merger, or if we otherwise dispose of assets, issue public debt, or issue equity with net proceeds of more than $70.0 million, subject to certain exceptions. The term loan agreement contains customary representations and warranties, covenants, and events of default for loan facilities of this type.