Conyers advised Nabors Industries Ltd. (“Nabors”) in connection with the distribution of warrants to purchase its common shares to holders of Nabors’ common shares.
Holdings of Nabors Industries Ltd. common shares received two-fifths of a warrant per common share held as at the record date. Each warrant will entitle the holder to purchase common shares at an exercise price of US$166.66667 per share. Warrants submitted for exercise may be eligible to receive up to an additional 1/3 common share if the volume-weighted average price (“VWAP”) per common share on the trading day prior to the exercise date is higher than the trailing three-day VWAP.
The exercise may be paid with cash or with certain of Nabors’ and its subsidiaries’ issued and outstanding notes, as designated by Nabors, at face value.
The warrants will expires on 11 June 2026.
Nabors (NYSE: NBR) owns and operates one of the world’s largest land-based drilling rig fleets and provides offshore platform rigs in the United States and several international markets. Nabors also provides directional drilling services, tubular services, performance software, and innovative technologies for its own rig fleet and those of third parties.
Directors Chiara Nannini, Marcello Ausenda and associate David Stubbs of the Conyers’ Bermuda office advised on the matter alongside Milbank.