Nabors Industries greenshoe exercised in full, lifting exchangeables offering to $2.75 billion

By Jennifer Chiou

New York, June 7 - Nabors Industries Ltd. said its $250 million greenshoe was fully exercised, raising its offering of senior exchangeable notes due May 15, 2011 to $2.75 billion.

Before the market opened on May 18, the company priced the exchangeables at 99 with a coupon of 0.94% and an initial conversion premium of 30%.

The exchangeables are non-callable for life with no puts and have a conversion price of $45.83.

Nabors is an oil and gas drilling contractor with headquarters in Bermuda.

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