2023-03-08 05:33:41 ET
- Nabors Industries Inc., a wholly-owned subsidiary of Nabors Industries ( NYSE: NBR ) has completed the redemption of approximately $210M of 9% senior priority guaranteed notes due in 2025.
- The redemption was funded with proceeds from the recent issuance of $250M of 1.75% exchangeable senior unsecured notes due 2029.
- The company realized following benefits on completion of redemption: Extended the maturity to 2029 from 2025 of approximately $210M of debt; Annual interest savings of approximately $16M; Increase capacity in the senior priority guaranteed debt layer by approximately $210M.
- William Restrepo, Nabors CFO, commented, "This transaction is an important milestone as we enhance our financial flexibility. Proactive management of our debt is a key element in our strategy to de-lever. The benefits are tangible, and should accrue to investors across our capital structure."
For further details see:
Nabors redeems 9% senior priority guaranteed notes due 2025, realized annual interest savings of ~$16M