Nabors Industries to reopen 6.15% 10-year notes to add $750 million

By Andrea Heisinger

Omaha, July 17 - Nabors Industries Inc. has started a reopening of its 6.15% 10-year senior unsecured notes (A3/BBB+) Thursday to add $750 million, according to a press release from the company.

This would bring the total issuance to $1.325 billion, including $575 million priced Feb. 14.

The entire issue will be priced under Rule 144A via bookrunners Citigroup and UBS.

Proceeds will be used to help fund the redemption of the issuer's $700 million zero-coupon senior exchangeable notes due 2023 and to fund future capital expenditures.

The drilling and oil rig subsidiary of Nabors Industries Ltd. is based in Hamilton, Bermuda.

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