Nabors Industries issues $650M of 9.125% Senior Notes due 2030, proceeds to retire 2025 notes

NABORS INDUSTRIES LTD

Nabors Industries Inc. issued $650M aggregate principal of 9.125% Senior Priority Guaranteed Notes due Jan 31, 2030.
Net proceeds of approximately $640.3M after estimated offering commissions and expenses.
Proceeds to retire all $474.1M outstanding 5.75% Senior Notes due 2025; remainder for general corporate purposes.
Notes fully and unconditionally guaranteed by Nabors Industries Ltd. and certain subsidiaries on a joint and several basis.
Notes are senior unsecured, rank pari passu with existing unsubordinated debt, but effectively junior to secured obligations.

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 Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Academy Securities, Inc. and Nomura Securities International, Inc. valued at $650 million (effective 2023-11-15).

Action: entry
Agreement: notes offering
Counterparty: Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Academy Securities, Inc. and Nomura Securities International, Inc.
Value: $650 million
Effective: 2023-11-15

Exact text from the filing

On November 15, 2023, Nabors Industries, Inc. (“NII”) entered into a purchase agreement (the “Purchase Agreement”) under which NII agreed to sell $650 million aggregate principal amount of its 9.125% Senior Priority Guaranteed Notes due 2030

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

NABORS INDUSTRIES LTD entered into Indenture with Wilmington Trust, National Association (effective 2023-11-20).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association
Effective: 2023-11-20

Exact text from the filing

The Notes are governed by an indenture, dated as of November 20, 2023 (the “Indenture”), among NII, as issuer, the Guarantors, as guarantors, and Wilmington Trust, National Association, as trustee

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NABORS INDUSTRIES LTD filing history →

Source: SEC EDGAR

accession 0001104659-23-119916

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