HOUSTON, July 1, 2014 -- On June 25, 2014, C&J Energy Services, Inc. (“C&J”) announced that it entered into a definitive agreement to combine with the completion and production businesses of Nabors Industries Ltd. (“Nabors”) to create a leading diversified completion and production services provider. Under the terms of the agreement, Nabors will receive total consideration of $2.86 billion, comprised of an approximately 53% equity stake in the combined company and $940 million in cash. C&J has secured a $1.3 billion fully underwritten financing commitment from Citi to finance the cash portion of the transaction and refinance existing indebtedness. In addition, C&J has secured a $600 million commitment on a new credit facility that is expected to be undrawn following the closing of the transaction.
Baker Botts represented Citi in the transaction.
Baker Botts Lawyers/Office Involved: Tull Florey (Partner, Houston); Martin Toulouse (Partner, New York); Don Lonczak (Partner, Washington); Andrew Thomison (Senior Associate, Houston)
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