- Nabors Industries, Inc., a wholly owned subsidiary of Nabors Industries ( NYSE: NBR ) has priced private offering of $225M of its 1.750% exchangeable senior unsecured notes due 2029.
- The offering of the notes is expected to close on February 14, 2023.
- Initial purchasers have an option to purchase up to an additional $25M of the notes on the same terms and conditions.
- Interest on the notes will be payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2023.
- Net proceeds from the offering will be used to redeem all of the company's outstanding 9.00% senior priority guaranteed notes due February 2025 and any excess proceeds will be used for general corporate purposes.
- Shares plunged ~6% during Friday's premarket session.
- See why SA contributor Fun Trading says, " NBR looks more attractive for full-time traders ."
For further details see:
Nabors Industries raises $225M through exchangeable senior unsecured notes due 2029