Nabors prices $225M 1.75% exchangeable notes due 2029 to refinance 9% debt

NABORS INDUSTRIES LTD

$225M principal, 1.75% coupon, due June 15, 2029; initial purchasers have 30-day option for additional $25M.
Initial exchange rate 4.7056 shares per $1,000 principal ($212.51/share), a 22.5% premium over $173.48 closing price.
Proceeds to redeem all outstanding 9.00% senior priority guaranteed notes due Feb 2025; excess for general corporate purposes.
Closing expected Feb 14, 2023; notes are unsecured and fully guaranteed by Nabors Industries Ltd.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NABORS INDUSTRIES LTD entered into Purchase Agreement with the initial purchasers named in the Purchase Agreement valued at $225,000,000 aggregate principal amount (effective 2023-02-09).

Action: entry
Agreement: notes offering
Counterparty: the initial purchasers named in the Purchase Agreement
Value: $225,000,000 aggregate principal amount
Effective: 2023-02-09

Exact text from the filing

On February 9, 2023, Nabors Industries, Inc. (“NII”), a wholly owned subsidiary of Nabors Industries Ltd. (“NIL”), and NIL entered into a purchase agreement (the “Purchase Agreement”) under which NII agreed to sell $225,000,000 aggregate principal amount of its 1.750% Exchangeable Senior Notes due June 15, 2029 (the “Exchangeable Notes”) to the initial purchasers named in the Purchase Agreement (the “Initial Purchasers”).

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Source: SEC EDGAR

accession 0001104659-23-017832

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