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Debt

9 Months Ended

Sep. 30, 2012

Note 9 Debt

Long-term debt consisted of the following:

	September 30,		December 31,
	2012		2011
	(In thousands)
5.375% senior notes due August 2012	$	—	$	274,604
6.15% senior notes due February 2018	968,403		967,490
9.25% senior notes due January 2019	1,125,000		1,125,000
5.00% senior notes due September 2020	697,572		697,343
4.625% senior notes due September 2021	697,847		697,667
Revolving credit facilities	1,190,000		860,000
Other	463		1,712
	4,679,285		4,623,816
Less: current portion	389		275,326
	$	4,678,896	$	4,348,490

5.375% Senior Notes Due August 2012

During August 2012, we paid $282.4 million at maturity of our 5.375% senior notes, representing principal of $275.0 million and accrued interest of $7.4 million. We used cash on hand and $270 million from revolving credit facilities to pay this obligation.

Revolving Credit Facilities

At September 30, 2012, we had $310 million of remaining availability from a combined total of $1.5 billion under our existing revolving credit facilities. In September 2012, Nabors Delaware added a new lender to one of the facilities, which increased borrowing capacity to $1.5 billion. The existing revolving credit facilities mature in September 2014, and can be used for general corporate purposes, including capital expenditures and working capital. The weighted average interest rate on borrowings at September 30, 2012 was 2.08%. We fully and unconditionally guarantee the obligations under all of these credit facilities.

The revolving credit facilities contain various covenants and restrictive provisions that limit our ability to incur additional indebtedness, make investments or loans and create liens and require us to maintain a net funded indebtedness to total capitalization ratio, as defined in each agreement. We were in compliance with all covenants under the agreements at September 30, 2012 and December 31, 2011. If we should fail to perform our obligations under the covenants, the revolving credit commitments could be terminated and any outstanding borrowings under the relevant facility could be declared immediately due and payable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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