Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2024debt financing▲ Good
On April 1, 2024, Nabors amended its receivables purchase facility (Fourth Amendment, with Wells Fargo, Arab Banking Corporation and Nomura) and extended its term to the earliest of April 1, 2027, 90 days before the credit agreement's maturity, or October 15, 2025 if any 7.25% senior notes remain outstanding. It lowered the liquidity trigger from $220 million to $87.5 million, removed the cash control period and the $160 million minimum cash termination event, and added termination events tied to the interest coverage covenant and 90% minimum guarantor value. This updates the earlier terms, which ran to August 2024 or note-linked dates.
NABORS INDUSTRIES LTD CHAIRMAN, PRESIDENT & CEO Anthony G Petrello acquired 90,787 shares and disposed of 95,802 in a set of related equity transactions.
NABORS INDUSTRIES LTD Chief Financial Officer William J Restrepo acquired 29,953 shares and disposed of 31,180 in a set of related equity transactions.
Nabors' US subsidiary closed a sale of $650 million of 9.125% senior priority guaranteed notes due January 31, 2030, with net proceeds of about $640.3 million. Nabors intends to use the proceeds to retire all of its 5.75% senior notes due 2025, of which $474.1 million was outstanding, with the remainder for general corporate purposes. This continues the open thread on repaying the 5.75% 2025 notes ahead of maturity. The new notes carry a higher stated interest rate (9.125% against 5.75%), which follows from the filing's figures.
14 Feb 2023capital raising announcement● NeutralMajor
The exchangeable notes offering closed on February 14, 2023. The $25 million option was exercised in full, bringing the total to $250 million, and net proceeds were about $242.2 million. Nabors says it intends to use the proceeds to redeem all of its 9.00% notes due February 2025, which continues the earlier plan to retire higher-rate debt. The notes carry a 1.750% rate and are exchangeable at about $212.51 per share.
LMR Multi-Strategy Master Fund Limited, LMR CCSA Master Fund Ltd, LMR Partners LLP, LMR Partners Limited, LMR Partners LLC, LMR Partners AG, Ben Levine, Stefan Renold reported a NABORS INDUSTRIES LTD shareholding of 134,932 shares (1.40% of votes) in a periodic institutional filing.
10 Feb 2023capital raising announcement● NeutralMajor
Nabors' US subsidiary agreed to sell $225 million of 1.750% exchangeable notes due June 15, 2029, guaranteed by Nabors Ltd, with a further $25 million option. The notes can be exchanged for cash, Nabors shares or a mix at the company's election, at an initial exchange price of about $212.51 per share. The stated plan is to use proceeds to redeem all of its 9.00% senior priority guaranteed notes due February 2025, with any excess for general corporate purposes. If holders exchange into shares, existing shareholders could be diluted. The company can choose cash instead.
NABORS INDUSTRIES LTD CHAIRMAN, PRESIDENT & CEO Anthony G Petrello acquired 104,420 shares and disposed of 72,373 in a set of related equity transactions.
