Convertibles Calendar: Nabors on tap

May 10 (pre-open)

NABORS INDUSTRIES LTD.:

• $250 million, or 5 million shares, in three-year $50-par series A mandatory convertible preferred shares

• Price talk for a dividend of 5.75% to 6.5% and an initial conversion premium of 17.5% to 22.5%

• Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.

• Registered

• Greenshoe of $37.5 million, or 750,000 shares

• Proceeds will be used to repay outstanding debt under a revolving credit facility

• Concurrent offering of 35 million common shares

• Hamilton, Bermuda-based oil, gas and geothermal drilling contractor

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