Nabors to prepay $162.5 million loans, all revolver debt via new notes

By Susanna Moon

Chicago, Dec. 2 – Nabors Industries Ltd. said wholly owned subsidiary Nabors Industries, Inc. plans to pay down some bank loans using proceeds of a new issue of senior notes due 2023.

Nabors plans to prepay $162.5 million of its $325 million term loan due in 2018 and all of its debt outstanding under its unsecured revolving credit facility, which matures in 2020.

Proceeds also will be used for general corporate purposes, including to repay the company's commercial paper program and to repurchase or repay other debt.

The notes will be sold to qualified institutional buyers under Rule 144A and to persons outside the United States under Regulation S.

Nabors is a Hamilton, Bermuda-based oil, natural gas and geothermal drilling contractor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.