Past year: ▲ 65%(48.52 – 102.61 USD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2015debt financing● Neutral
On September 29, 2015 Nabors Industries, Inc. (guaranteed by Nabors) signed a $325 million, five-year unsecured term loan with Bank of America, MUFG and Mizuho, with a mandatory $162.5 million prepayment due in three years. Interest is LIBOR plus 117.5 bps, set by Nabors' credit rating. This is a new borrowing on top of the revolver amended in July 2015; the filing does not state what the money is for.
5 Aug 2015quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $36.8 million for the period ended 2015-06-30.
4 Aug 2015quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $36.8 million for the period ended 2015-06-30.
15 July 2015material agreement▲ GoodMajor
On July 14, 2015 Nabors amended its November 2012 revolving credit agreement, raising borrowing capacity from $1.5 billion to $2.2 billion, extending maturity to July 14, 2020, and lowering the rate to LIBOR plus 125 bps with a 15 bps fee on undrawn amounts. The accordion option grew from $450 million to $500 million and up to two one-year extensions can be requested. Nabors says it expects to use it for strategic investments, debt refinancing and other corporate uses.
4 May 2015quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $123.6 million for the period ended 2015-03-31.
22 Apr 2015quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $123.6 million for the period ended 2015-03-31.
30 Mar 2015asset acquisition disposition● NeutralMajor
On March 24, 2015 Nabors completed the separation of its completion and production services business and the merger with C&J; the combined company is now C&J Energy Services Ltd. (NYSE: CJES, trading from March 25, 2015). Nabors received about $688 million in cash and owns about 53% of the combined company, with C&J's former public shareholders holding about 47%. Nabors expects to use the cash to prepay its $300 million term loan and for general corporate purposes. This resolves the pending C&J transaction and the March 31, 2015 deadline.
12 Feb 2015quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $891.1 million for the period ended 2014-12-31.
11 Feb 2015substantial holder notice● Neutral
The Vanguard Group reported a NABORS INDUSTRIES LTD shareholding of 25,260,112 shares (8.72% of votes) in a periodic institutional filing.
9 Feb 2015substantial holder notice● Neutral
BlackRock, Inc reported a NABORS INDUSTRIES LTD shareholding of 17,147,253 shares (5.90% of votes) in a periodic institutional filing.
9 Feb 2015business combination▼ BadMajor
On February 6, 2015 Nabors amended the C&J deal terms, cutting the intercompany notes to be repaid at closing by $250 million, so Nabors would now receive about $688 million in cash (down from about $938 million) plus about 62.5 million Red Lion shares. It also took out a $300 million three-year unsecured term loan (margin 150 bps over LIBOR; Citibank administrative agent, guaranteed by Nabors), and amended the tax-opinion terms and a $65 million termination-fee condition tied to Nabors delivering financial information by March 3, 2015.
6 Feb 2015substantial holder notice● Neutral
WHV Investments, Inc, Hirayama Investments, LLC reported a NABORS INDUSTRIES LTD shareholding of 15,957,367 shares (5.51% of votes) in a periodic institutional filing.
22 Dec 2014business combination● Neutral
On December 19, 2014 Nabors gave C&J notice extending the deadline for completing the proposed C&J merger from December 31, 2014 to March 31, 2015. The filing says the Form S-4 had not yet been declared effective by the SEC, so the deal had not closed and the original timetable (before the end of 2014) was not met.
10 Nov 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $106.0 million for the period ended 2014-09-30.
10 Nov 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $106.0 million for the period ended 2014-09-30.
22 Oct 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $106.0 million for the period ended 2014-09-30.
12 Sept 2014substantial holder notice● Neutral
Pamplona Capital Management LLP, Pamplona Capital Management LLC, Pamplona Capital Partners III, L.P, Alexander M. Knaster reported a NABORS INDUSTRIES LTD shareholding of 3,260,000 shares (1.10% of votes) in a periodic institutional filing.
6 Aug 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $64.4 million for the period ended 2014-06-30.
25 July 2014dividend declaration▲ Good
Nabors raised its quarterly dividend by 50%, from $0.04 to $0.06 per share, payable September 30, 2014 to holders of record on September 9, 2014. This continues the dividend started in 2013 and answers the open question of whether it would continue; the company said future dividends depend on board approval and business conditions.
23 July 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $64.4 million for the period ended 2014-06-30.
1 July 2014material agreement● NeutralMajor
On June 25, 2014 Nabors agreed to separate its U.S. and Canadian completion and production services businesses into its subsidiary Nabors Red Lion Limited and merge that subsidiary with C&J Energy Services. Nabors would receive about $938 million in cash and hold 50.25% of the fully diluted equity of the combined company (expected to be about 53% of outstanding shares), which would be renamed C&J Energy Services Ltd. and listed on the NYSE as CJES. Closing needs C&J shareholder approval, an effective Form S-4, antitrust clearance and other conditions, and is expected before the end of 2014 with no assurance; C&J owes Nabors a $65 million termination fee in several scenarios.
9 May 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $49.9 million for the period ended 2014-03-31.
23 Apr 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $49.9 million for the period ended 2014-03-31.
19 Feb 2014quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $150.6 million for the period ended 2013-12-31.
18 Feb 2014substantial holder notice● Neutral
WHV Investment Management, Inc, Hirayama Investments, LLC reported a NABORS INDUSTRIES LTD shareholding of 11,278,078 shares (3.75% of votes) in a periodic institutional filing.
11 Feb 2014substantial holder notice● Neutral
The Vanguard Group reported a NABORS INDUSTRIES LTD shareholding of 18,223,561 shares (6.17% of votes) in a periodic institutional filing.
3 Feb 2014substantial holder notice● Neutral
BlackRock, Inc reported a NABORS INDUSTRIES LTD shareholding of 14,900,591 shares (5.00% of votes) in a periodic institutional filing.
1 Nov 2013quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $105.4 million for the period ended 2013-09-30.
23 Oct 2013quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $105.4 million for the period ended 2013-09-30.
13 Sept 2013debt financing● NeutralMajor
The $700 million note sale closed September 12, 2013 (net proceeds about $695.0 million), and NII bought back about $785.4 million of its 9.25% notes due 2019 for $992.1 million plus accrued interest, funded by the new notes, commercial paper borrowings and cash. This completes the refinancing launched on September 4; roughly $339.6 million of the 2019 notes appears to remain outstanding (inference from $1.125 billion less $785.4 million). NII and Nabors must file to register an exchange offer for the new notes by May 12, 2014.
