Nabors Redeems 93% of its Outstanding Convertible Debt Due 2021
Nabors Industries Ltd. (NYSE: NBR) reports that its wholly owned subsidiary, Nabors Industries Inc., has redeemed 93% of its Zero Coupon Senior Convertible Debentures due 2021, CUSIP No. 629568AF3. The Company redeemed Debentures $1.117 billion in principal amount of the Debentures at a redemption price of $688.89 per security for a total redemption price of $769.8 million. The Debentures are in book entry form and are being redeemed through the Depository Trust Company as clearing agent. Debentures having a principal amount equal to $82.8 million were not put to the Company and remain outstanding.
The Nabors companies own and operate almost 600 land drilling and
approximately 780 land workover and well-servicing rigs worldwide.
Offshore, Nabors operates 43 platform rigs, 19 jack-up units and three
barge rigs in the United States and multiple international markets.
Nabors markets 28 marine transportation and supply vessels, primarily
in the U.S. Gulf of Mexico. In addition, Nabors manufactures top
drives and drilling instrumentation systems and provides comprehensive
oilfield hauling, engineering, civil construction, logistics and
facilities maintenance, and project management services. Nabors
participates in most of the significant oil, gas and geothermal
markets in the world.
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