Conyers advised Nabors Industries Ltd. (“Nabors”) on its issuance of US$600 million in aggregate principal amount of its 7.25% senior guaranteed notes due 2026 and US$400 million in aggregate principal amount of its 7.50% senior guaranteed notes due 2028 (the “Notes”) fully and unconditionally guaranteed by Nabors Holdings Ltd., Nabors Industries, Inc., Nabors Drilling Holdings Inc., Nabors International Finance Inc., Nabors Lux Finance 1 S.a.r.l. and Nabors Global Holdings Ltd., in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).
The sale of the notes to the initial purchasers closed on 10 January 2020.
The notes are 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. The 2026 Notes will mature on January 15 2026 and the 2028 Notes will mature on January 15 2028.
Director Chiara Nannini of Conyers’ Bermuda office advised on this matter, working alongside Milbank.