Nabors prices $650M 9.125% Senior Priority Guaranteed Notes due 2030 to refinance 2025 notes

NABORS INDUSTRIES LTD

Initial offering of $550M upsized to $650M; notes priced at par with 9.125% coupon, due 2030.
Net proceeds expected ~$641M after expenses; closing on Nov 20, 2023.
Proceeds to repay $474.1M of 5.75% Senior Notes due 2025; remainder for general corporate purposes.
Notes are senior unsecured, rank pari passu with existing 7.375% notes due 2027, guaranteed by Nabors and certain subs.

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