Nabors to redeem 9% senior priority guaranteed notes due 2025 with proceeds of new exchangeables

By William Gullotti

Buffalo, N.Y., Feb. 9 – Nabors Industries Ltd. intends to redeem all of the company’s outstanding 9% senior priority guaranteed notes due February 2025 using proceeds of an offering of exchangeable notes, according to a company news release.

Subsidiary Nabors Industries, Inc. has commenced an offering of $200 million exchangeable senior notes due 2029. The Rule 144A offering is expected to include a $30 million greenshoe.

Net proceeds from the issue may also be used for general corporate purposes, which may include the repayment of other debt.

Nabors is a Hamilton, Bermuda-based oil and gas drilling contractor.

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