Nabors Industries Inc.
Description
Priced a private placement of its 0.75% exchangeable senior unsecured notes due 2024, according to parent Nabors Industries Ltd. Concurrently, Nabors and NII entered into privately negotiated capped call transactions with one or more of the initial purchasers and/or their affiliates to cover anti-dilution adjustments for the notes. Net proceeds will prepay the remaining balance of NII's unsecured term loan, which matures in 2020, and will pay the cost of the capped call transaction. Any remainder will support general corporate purposes.