Nabors receives tenders for $785.4 million of 9.25% notes due 2019

New York, Sept. 11 - Nabors Industries Ltd. subsidiary Nabors Industries, Inc. said it received tenders for $785.4 million of its $1,125,000,000 of outstanding 9.25% senior notes due 2019.

The offer ended at 5 p.m. ET on Sept. 11.

Nabors expects to make payment for the notes on Sept. 12, assuming the conditions to the offer are satisfied or waived.

Earlier Nabors announced pricing in the offer.

For each $1,000 principal amount, the company will pay $1,263.20. Pricing was set using a fixed spread of 195 basis points over the 1.375% Treasury note due Dec. 31, 2018. The reference yield was 1.813%, and the tender yield was 3.763%.

The company will also pay accrued interest.

Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc. and Mizuho Securities USA Inc. were the dealer managers. Global Bondholder Services Corp. was the depositary and information agent (212 430-3774 for banks and brokers or 866 387-1500).

The oil, natural gas and geothermal drilling contractor is based in Hamilton, Bermuda.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.