By Andrea Heisinger
New York, Aug. 16 - Nabors Industries Inc. priced an upsized $700 million of 4.625% 10-year senior notes on Tuesday to yield 245 basis points over Treasuries, an informed source said.
The notes were priced at the tight end of talk in the 250 bps area, plus or minus 5 bps. The deal size was increased from $500 million.
The notes (Baa2/BBB/BBB+) were sold at 99.654 to yield 4.668%. They have a make-whole call at 37.5 bps over Treasuries.
Citigroup Global Markets Inc. was the bookrunner.
The deal was done under Rule 144A and Regulation S.
Proceeds are being used to refinance borrowings under credit facilities.
Nabors' last debt sale was $700 million of 5% 10-year notes on Sept. 8, 2010, priced at 235 bps over Treasuries.
The land drilling and well servicing rigs operator is based in Hamilton, Bermuda.
| Issuer: | Nabors Industries Inc.
|
| Issue: | Senior notes
|
| Amount: | $700 million, increased from $500 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 4.625%
|
| Price: | 99.654
|
| Yield: | 4.668%
|
| Spread: | Treasuries plus 245 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Aug. 16
|
| Settlement date: | Aug. 23
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Price talk: | 250 bps area
|
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