A reaming tool includes a tubular body having a nose portion with a concave center. A plurality of blades defining junk slots therebetween extend axially behind the nose portion and taper outwardly from the exterior of the tubular body. Rotationally leading edges of the blades carry a plurality of cutting elements from the axially leading ends. Selected surfaces and edges of the blades bear tungsten carbide, which may comprise crushed tungsten carbide. The shell of the nose is configured to ensure drillout from the centerline thereof toward the side wall of the tubular body. A method of drilling out a reaming tool is also disclosed.