Nabors to redeem two series of 0% exchangeables due 2023

By Susanna Moon

Chicago, May 27 - Nabors Industries Ltd. said its wholly owned subsidiary, Nabors Industries Inc., plans to redeem its $146,000 outstanding principal amount of zero-coupon senior exchangeable notes due 2023 and $699.85 million outstanding principal amount of series B zero-coupon senior exchangeable notes due 2023 on June 15.

The company said it would pay par plus accrued interest to the redemption date.

Holders may exchange their notes for common shares at any time before 5 p.m. ET on June 13 at a rate of 28.5306 shares per $1,000 principal amount of the notes.

Nabors is an onshore and offshore drilling company based in Hamilton, Bermuda.

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