By Sheri Kasprzak
New York, July 22 - Nabors Industries Inc. priced a $400 million add-on to its 6.15% senior unsecured notes due Feb. 15, 2018 to yield 255 basis points more than Treasuries, according to a notice from the company.
The notes (A3/BBB+/A-) priced at 97.192 to yield 6.549%.
The add-on brings to $975 million in notes issued so far. It had been reported earlier by Nabors that a $750 million add-on would be priced.
The Rule 144A notes mature Feb. 15, 2018.
Citigroup Global Markets and UBS Investment Bank were the bookrunners.
Proceeds will be used to redeem Nabors' $700 million zero-coupon senior exchangeable notes due 2023. The remainder will be used for future capital expenses.
Nabors is a drilling and oil rig subsidiary of Nabors Industries Ltd., which is based in Hamilton, Bermuda.
| Issuer: | Nabors Industries Inc.
|
| Issue: | Add-on to senior unsecured notes
|
| Underwriters: | Citigroup Global Markets and UBS Investment Bank
|
| Amount: | $400 million
|
| Maturity: | Feb. 15, 2018
|
| Coupon: | 6.15%
|
| Price: | 97.192
|
| Yield: | 6.549%
|
| Spread: | 255 bps
|
| Distribution: | Rule 144A
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
| Pricing date: | July 18
|
| Settlement date: | July 22
|
| Total issuance: | $975 million, including $575 million priced on Feb. 14, 2008.
|
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