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Conyers Dill & Pearman Limited advised Nabors Industries Ltd. (“Nabors”) in connection with its wholly owned subsidiary Nabors Industries, Inc.’s (“NII”) pricing of US$800 million in senior unsecured notes due 2025 in a private placement offering.
Nabors will fully and unconditionally guarantee the notes that will bear interest at an annual rate of 5.75%. The net proceeds from the notes will enable Nabors to repay indebtedness of Nabors and its subsidiaries, as well as prepay amounts currently outstanding under NII’s unsecured revolving credit facility that matures in 2020 and commercial paper borrowings.
The notes will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in accordance with Regulation S under the Securities Act and applicable exemptions from registration, prospectus or like requirements under the laws and regulations of the relevant jurisdictions outside the United States.
Director Chiara Nannini and Associate David Stubbs of Conyers’ Bermuda office advised on the matter.