Bermuda-based Nabors Industries Ltd. has established a $700 million credit facility, it was revealed yesterday.

The facility has an accordion clause that allows an additional loan of up to $150 million. The loan matures in four years.

Nabors said the facility may be used to partly fund its acquisition of Superior Well Services and for general corporate purposes.

The company's shares rose 45 cents, or 2.7 percent, to $17.39 during midday trading. The stock has traded between $15.54 and $27.05 over the past year.