Nabors to repay revolver borrowings with proceeds from new offerings

By Sarah Lizee

Olympia, Wash., May 10 – Nabors Industries Ltd. plans to repay borrowings outstanding under its revolving credit facility using proceeds from offerings of common shares and preferred shares, according to a press release.

The company said on Thursday that it priced 35 million of its common shares at a price of $7.75 per share and 5 million of its new 6% series A mandatory convertible preferred shares at a price of $50 per share.

Gross proceeds from the offerings are expected to be $521.25 million.

Proceeds will also be used for general corporate purposes.

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

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