Jan 2024
Conyers represented Nabors Industries Ltd. (“Nabors”) in connection with its wholly-owned subsidiary Nabors Industries, Inc.’s two notes offerings. The first offering was in an aggregate principal amount of US$250,000,000 of 1.750% exchangeable senior unsecured notes due in 2029, fully and unconditionally guaranteed by Nabors. This offering closed on 14 February 2023.
Conyers also advised on a second offering by Nabors Industries, Inc. of US$650 million in senior priority guaranteed notes due 2030, fully and unconditionally guaranteed by Nabors and certain of Nabors’ indirect wholly owned subsidiaries. The notes will bear interest at an annual rate of 9.125% and were offered to investors at an initial price of 100% of par. The net proceeds from the notes will enable Nabors to retire its outstanding 5.75% senior notes due 2025 and the remaining net proceeds will be used for general corporate purposes.
The Conyers team was led by Directors Chiara Nannini and Marcello Ausenda with Counsel David Stubbs, working alongside Milbank LLP.