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NBR - Unit Corp.: Bond Exchange A Golden Asset-Backed Opportunity
Nabors Industries Ltd.
Unit Corporation (UNT) has unfortunately found itself facing a maturity wall on its debt at exactly the wrong time. $650mm in senior notes was coming due just as Unit Corporation is under duress as two of its businesses are highly exposed to both declining natural gas and natural gas liquids pricing and the resulting fall in well completion activity. The energy debt markets are just not open to rolling this amount for a small-cap energy play despite relatively low leverage and a path, although admittedly a narrow one, to free cash flow in