Nabors Industries Ltd. Announces Offering of Senior Guaranteed Notes Due 2026 and 2028
January 07, 2020 at 01:56 am IST
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Nabors Industries Ltd. announced that it has commenced an offering of senior guaranteed notes due 2026 and senior guaranteed notes due 2028 The notes will be fully and unconditionally guaranteed by certain of Nabors' indirect wholly-owned subsidiaries consisting of Nabors Industries Inc. Nabors Drilling Holdings Inc., Nabors International Finance Inc., Nabors Lux Finance 1, Nabors Global Holdings Ltd. and Nabors Holdings Ltd. The notes will be senior unsecured obligations of Nabors and will rank pari passu in right of payment with all of Nabors' existing and future senior obligations. The guarantees of the notes will be senior unsecured obligations of the guarantors and will rank pari passu in right of payment with all of the guarantors' existing and future senior obligations. Nabors intends to use the net proceeds from this offering to fund NII's offer to repurchase, for an aggregate purchase price of up to $800 million NII's 5.50% senior notes due 2023, 4.625% senior notes due 2021, 5.10% senior notes due 2023 and 5.00% senior notes due 2020 in the tender offers and consent solicitations for such notes announced and will use the remaining proceeds for the repayment of debt and other general corporate purposes.
Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and international markets. The Company operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. Its services include tubular running services, wellbore placement solutions, directional drilling, measurement-while-drilling (MWD), logging-while-drilling (LWD) systems and services, equipment manufacturing, rig instrumentation and optimization software. Its United States fleet consists of approximately 171 alternating current (AC) rigs and 11 silicon-controlled rectifier (SCR) land rigs. Its international fleet consists of approximately 117 land-based drilling rigs located in approximately 14 countries. Through its Drilling Solutions, the Company offers specialized drilling technologies, such as patented steering systems and rig instrumentation software systems.