10 Feb 2011substantial holder notice● Neutral
THE VANGUARD GROUP, INC. disclosed a new substantial NABORS INDUSTRIES LTD shareholding (5.02% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Feb 2011substantial holder notice● Neutral
Citigroup Inc. reported a NABORS INDUSTRIES LTD shareholding of 14,930,403 shares (5.00% of votes) in a periodic institutional filing.
7 Feb 2011substantial holder notice● Neutral
BlackRock, Inc reported a NABORS INDUSTRIES LTD shareholding of 21,739,008 shares (7.62% of votes) in a periodic institutional filing.
21 Dec 2010director interest notice● Neutral
NABORS INDUSTRIES LTD CORPORATE SECRETARY Mark D Andrews sold 1,039 shares at $22.13.
6 Dec 2010director interest notice● Neutral
NABORS INDUSTRIES LTD PRESIDENT AND COO Anthony G Petrello exercised stock options for 1,000,000 shares and disposed of 1,990,244 shares.
6 Dec 2010director interest notice● Neutral
NABORS INDUSTRIES LTD director Martin J Whitman exercised stock options for 45,000 shares and disposed of 88,445 shares.
6 Dec 2010director interest notice● Neutral
NABORS INDUSTRIES LTD director Myron M Sheinfeld exercised stock options for 60,000 shares and disposed of 117,927 shares.
6 Dec 2010director interest notice● Neutral
NABORS INDUSTRIES LTD CEO-CHAIRMAN OF THE BOARD Eugene M Isenberg exercised stock options for 2,000,000 shares and disposed of 3,980,491 shares.
5 Nov 2010quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $39.6 million for the period ended 2010-09-30.
27 Oct 2010quarterly activities report▼ Bad
NABORS INDUSTRIES LTD reported a quarterly net loss of $39.6 million for the period ended 2010-09-30.
15 Sept 2010debt financing● NeutralMajor
The $700 million of 5.0% senior notes due September 15, 2020, issued by Nabors Industries, Inc. and guaranteed by Nabors, closed on September 14, 2010, with net proceeds of about $692 million before expenses. This completes the notes offering that was an open item; Nabors must file to exchange them for registered notes by March 13, 2011. The earlier filing said proceeds were for the Superior acquisition and general corporate purposes.
14 Sept 2010asset acquisition disposition● NeutralMajor
Nabors completed the Superior Well Services acquisition: the short-form merger took effect on September 10, 2010, making Superior a wholly owned subsidiary. Total cost was $681,275,030, funded from cash on hand and the revolving credit facility; by September 13, about 95.4% of shares had been tendered. This closes the pending Superior deal; shares of Superior holders who perfect appraisal rights are excluded from the cash conversion. Financial statements and pro forma information are to be filed later.
9 Sept 2010material agreement● NeutralMajor
Nabors signed the $700 million four-year unsecured revolving credit facility on September 7, 2010 (expandable to $850 million, borrowed by Nabors Industries, Inc. and guaranteed by Nabors), finalizing the facility that was only a commitment in the 2010-09-02 filing. It also reported that the Superior tender offer closed with about 92.4% tendered (a short-form merger at $22.12 cash expected on or about September 10) and that $700 million of 5.0% senior notes due 2020 were priced, with closing expected around September 14.
9 Sept 2010business combination▲ GoodMajor
The Superior tender offer expired on September 8, 2010, with about 28,457,901 shares (about 92.4%) tendered; Nabors will pay $22.12 per share in cash for them. Nabors plans a short-form merger under Delaware law that converts the remaining shares into the right to receive $22.12 in cash, after which Superior will be a wholly owned Nabors subsidiary, delisted from NASDAQ and no longer filing reports. This resolves the open question of whether the minimum condition would be met.
8 Sept 2010business combination● Neutral
Nabors amended its Superior tender offer papers only to update the exhibit list, adding September 8, 2010 press releases announcing the start of a senior notes offering and the establishment of an unsecured revolving credit facility. The filing itself contains no new terms or figures.
2 Sept 2010business combination● NeutralMajor
Nabors resolved the open financing question: it expects to pay for Superior from cash on hand plus about $600 million of new unsecured notes issued by its subsidiary Nabors Industries, Inc. and guaranteed by Nabors. It also has commitment letters from nine banks for a $700 million four-year revolving credit facility (expandable to $850 million), which is not yet finalized. The filing also reports that the antitrust (HSR) waiting period expired on August 30, 2010, clearing that condition.
30 Aug 2010business combination● Neutral
Nabors amended its Superior tender offer papers to disclose that a purported Superior stockholder, Stephen Bushansky, filed a class-action complaint on August 25, 2010 in federal court in Western Pennsylvania against Superior, its officers and directors, Nabors and Diamond Acquisition Corp. It alleges misleading disclosures and breaches of fiduciary duty and seeks to block the merger and obtain damages; Nabors says the complaint lacks merit and it will defend vigorously. The amendment also restates wording on how Nabors may waive offer conditions and when it must extend the offer.
24 Aug 2010business combination● Neutral
Nabors amended its Superior tender offer documents, mainly to add disclosure and reword some terms. It reports owning or controlling 10,453,985 Superior shares (33.9%) via the tender agreements, and says it has no financing arranged yet: it is evaluating new bonds or credit facilities plus cash on hand, with no definitive plans and no assurance of timing.
12 Aug 2010director interest notice● Neutral
Nabors Industries LTD became a NABORS INDUSTRIES LTD 10%+ owner and company insider (initial ownership filing).
12 Aug 2010business combination● NeutralMajor
Nabors and its subsidiary formally launched the tender offer for all Superior Well Services common stock at $22.12 per share in cash, with the Offer to Purchase dated August 11, 2010. The filing values the deal at about $681.5 million, based on 33,810,204 fully diluted Superior shares (including 3,000,000 from converting its preferred stock).
10 Aug 2010business combination● Neutral
Nabors, through its subsidiary Diamond Acquisition Corp., filed a pre-launch tender offer communication on August 10, 2010 attaching an investor presentation and a transcript of a conference call held with Superior Well Services. The filing text itself contains no new terms or figures.
9 Aug 2010business combination● Neutral
This is a second copy of the same August 6, 2010 Form 8-K announcing Nabors' $22.12-per-share cash tender offer for Superior Well Services, filed under the tender-offer form type. It adds nothing new beyond the merger terms already reported.
9 Aug 2010business combination● NeutralMajor
Nabors signed a deal on August 6, 2010 to buy Superior Well Services through a cash tender offer at $22.12 per share, followed by a merger. The deal needs a majority of Superior's shares tendered and antitrust clearance, and holders of about 34% of Superior's stock agreed to tender; Superior would owe Nabors a $22.5 million termination fee (plus up to $5 million of expenses) in specified circumstances.
9 Aug 2010quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $43.6 million for the period ended 2010-06-30.
28 July 2010quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $43.6 million for the period ended 2010-06-30.
11 June 2010director interest notice● Neutral
NABORS INDUSTRIES LTD CORPORATE SECRETARY Mark D Andrews exercised stock options for 915 shares and disposed of 1,830 shares.
29 Apr 2010quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $40.2 million for the period ended 2010-03-31.
21 Apr 2010quarterly activities report● Neutral
NABORS INDUSTRIES LTD reported a quarterly net income of $40.2 million for the period ended 2010-03-31.
25 Mar 2010director interest notice● Neutral
NABORS INDUSTRIES LTD CEO-CHAIRMAN OF THE BOARD Eugene M Isenberg exercised stock options for 225,000 shares and disposed of 447,124 shares.
5 Mar 2010director interest notice● Neutral
NABORS INDUSTRIES LTD CORPORATE SECRETARY Mark D Andrews exercised stock options for 1,698 shares and disposed of 3,396 shares.