Nabors Industries Ltd (NYSE:NBR) Prices Senior Unsecured Debt Offering

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Nabors Industries Ltd (NYSE:NBR) reported that its 100% owned subsidiary has priced $800 million in senior unsecured notes to be payable in 2025, in the senior unsecured debt offering. The notes will have interest at a yearly rate of 5.75%, and are being presented to investors at a price of 100% of par. These notes will be unconditionally and fully guaranteed by Nabors. The closing of the notes sale is projected to occur around January 23, 2018.

The buzz

Nabors plans to use the net proceeds from this unsecured debt offering to retire indebtedness of company and its subsidiary firms, including all of company’s due 6.15% senior notes payable on February 2018. The company plans to initially utilize the net proceeds from the private placement offering to prepay sums presently outstanding under Nabors’s commercial paper borrowings and unsecured revolving credit facility and then use cash on hand or get funds from the unsecured revolving credit facility to close company’s outstanding 6.15% senior notes to be paid on February 2018 post maturity.

Last month, TIBCO Software Inc. reported its association with Nabors Industries, using the TIBCO® Connected Intelligence portfolio to offer the base for real-time drilling analytics of Nabors. In addition to using TIBCO’s extensive client base in upstream gas and oil, the company solutions will integrate the breadth of TIBCO’s offerings, combining algorithmic modelling and streaming analytics.

Mark Palmer, the SVP, Analytics at TIBCO, expressed that industrial IoT is changing every market, and smart drilling marks as a disruptive way to offer social and economic value in the energy industry. Sri Valleru, the Chief Information Officer and VP of Nabors, expressed that at company, they are transforming the process wells are drilled. They consider that measuring and monitoring everything they do provides increased transparency in performance. In addition, by capturing innovative data, they can take necessary initiatives that continuously increase the bar of excellence.

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