Nabors Industries driving by with $550 million priority guaranteed notes; initial talk mid-9% area

By Paul A. Harris

Portland, Ore., Nov. 15 – Nabors Industries, Inc. plans to price a $550 million offering of senior priority guaranteed notes due January 2030 (Ba3/B+/B+) in a Wednesday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the deal coming to yield in the mid-9% area, a trader said.

The Rule 144A for life and Regulation S six-year notes come with 2.5 years of call protection.

Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. are the joint bookrunners.

Academy Securities Inc. and Nomura Securities International Inc. are the co-managers.

The Hamilton, Bermuda-based onshore oil, natural gas and geothermal drilling contractor plans to use the proceeds to retire its 5¾% senior notes due February 2025 and for general corporate purposes.

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