Nabors sets pricing in tender for any and all $1.13 billion 9.25% notes

By Jennifer Chiou

New York, Sept. 11 - Nabors Industries Ltd. subsidiary Nabors Industries, Inc. announced the total consideration to be paid in its tender offer for any and all of its $1,125,000,000 of outstanding 9.25% senior notes due 2019.

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.

The offer was to end at 5 p.m. ET on Sept. 11.

Settlement is expected on Sept. 12.

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.

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