--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-23-021987" form_type: "8-K" ticker: "NBR" cik: "0001163739" company_name: "NABORS INDUSTRIES LTD" filed_at: "2023-02-14T23:59:59+00:00" generated_at: "2026-06-19T13:13:35.015852+00:00" event_type: "debt" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Nabors closes $250M exchangeable notes offering at 1.75%, redeems 9% senior notes ## Summary - Issued $225M firm notes + $25M option (exercised) of 1.750% exchangeable senior notes due June 2029; net proceeds ~$242.2M. - Net proceeds to redeem all outstanding 9.00% senior priority guaranteed notes due Feb 2025; excess for general corporate purposes. - Notes exchangeable for NIL common at initial rate of 4.7056 shares per $1,000 (exchange price ~$212.51), subject to adjustment. - Notes are general unsecured obligations of NII, fully guaranteed by NIL; issued under indenture with Wilmington Trust as trustee. - Offered privately under Rule 144A; any shares issued upon exchange exempt under Section 3(a)(9) of Securities Act. ## SEC filing metadata - accession: 0001104659-23-021987 - form_type: 8-K - ticker: NBR - cik: 0001163739 - company_name: NABORS INDUSTRIES LTD - filed_at: 2023-02-14T23:59:59+00:00 - event_type: debt - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 1.01, 2.03, 3.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1163739/000110465923021987/0001104659-23-021987-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1163739/000110465923021987/tm235194d2_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-23-021987 - JSON: https://secwatch.observer/filing/0001104659-23-021987.json - Plain text: https://secwatch.observer/filing/0001104659-23-021987.txt ## Key facts - Debt Financings NABORS INDUSTRIES LTD incurred convertible notes of $250,000,000 aggregate principal amount of 1.750% Exchangeable Senior Notes due 2029 (including $225,000,000 Firm Notes with Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. at 1.750% per annum maturing June 15, 2029. - Instrument: convertible notes - Principal: $250,000,000 aggregate principal amount of 1.750% Exchangeable Senior Notes due 2029 (including $225,000,000 Firm Notes - Counterparty: Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. - Rate: 1.750% per annum - Maturity: June 15, 2029 - Event: incurrence source text: As previously disclosed, 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 “Firm Notes”) to Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. (collectively, the “Initial Purchasers”). In addition, NII granted certain of the Initial Purchasers a 30-day option to purchase up to an additional $25,000,000 in aggregate principal amount of the 1.750% Exchangeable Senior Notes due June 15, 2029 (the “Option Notes” and, together with the Firm Notes, the “Exchangeable Notes”) on the same terms and conditions. This option was exercised in full on February 10, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1163739/000110465923021987/0001104659-23-021987-index.htm - Material Agreements NABORS INDUSTRIES LTD entered into Indenture with Wilmington Trust, National Association, as trustee (effective 2023-02-14). - Action: entry - Agreement: notes offering - Counterparty: Wilmington Trust, National Association, as trustee - Effective: 2023-02-14 source text: The Exchangeable Notes were issued pursuant to an indenture, dated as of February 14, 2023 (the “Indenture”), among NII, as issuer, NIL, as guarantor and Wilmington Trust, National Association, as trustee. evidence_url: https://www.sec.gov/Archives/edgar/data/1163739/000110465923021987/0001104659-23-021987-index.htm - Material Agreements NABORS INDUSTRIES LTD entered into Purchase Agreement with Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. (collectively, the "Initial Purchasers") valued at $225,000,000 aggregate principal amount (effective 2023-02-09). - Action: entry - Agreement: notes offering - Counterparty: Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. (collectively, the "Initial Purchasers") - Value: $225,000,000 aggregate principal amount - Effective: 2023-02-09 source text: NII agreed to sell $225,000,000 aggregate principal amount of its 1.750% Exchangeable Senior Notes due June 15, 2029 (the “Firm Notes”) to Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets, Inc., HSBC Securities (USA) Inc., Academy Securities Inc. and Nomura Securities International, Inc. (collectively, the “Initial Purchasers”). evidence_url: https://www.sec.gov/Archives/edgar/data/1163739/000110465923021987/0001104659-23-021987-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.