Each one in plain English, with the numbers worked through for a shareholder.
10 May 2018capital raising announcement● NeutralMajor
Nabors priced the offerings it launched on 2018-05-09: 35 million common shares at $7.75 each, and 5 million 6.00% mandatory convertible preferred shares at $50 each. Gross proceeds are expected to be $521.25 million, to repay revolver borrowings and for general corporate purposes. The preferred converts around 2021-05-01 into 5.3763 to 6.4516 common shares each, with cumulative dividends from 2018-08-01 if declared. Underwriters hold 30-day options for 5.25 million more common and 750,000 more preferred shares. Closing was expected around 2018-05-14. This resolves the open question on terms from the earlier launch, and the new shares dilute existing holders.
On 2018-05-09 Nabors launched public offerings of 35 million common shares and 5 million mandatory convertible preferred shares (each with a $50 liquidation preference, converting around 2021-05-01), plus overallotment options. Proceeds are meant to repay revolver borrowings and for general corporate purposes. New shares would dilute existing holders, and the dividend rate and conversion terms were not yet set.
Morgan Stanley I.R.S. #, Morgan Stanley Smith Barney LLC I.R reported a NABORS INDUSTRIES LTD shareholding of 20,672,993 shares (6.50% of votes) in a periodic institutional filing.
The $800 million 5.75% senior notes due 2025 closed on 2018-01-23, with net proceeds of about $788.6 million. The money is intended to pay down the revolver first, then the revolver is to be drawn to repay the remaining 6.15% notes at their February 2018 maturity; Nabors must file to register an exchange offer for these notes by 2018-11-19. This completes the January pricing announcement.
On 2018-01-16 Nabors' US subsidiary priced $800 million of 5.75% senior notes due 2025, guaranteed by Nabors, with closing expected around 2018-01-23. Proceeds are intended to repay debt, including the 6.15% notes due February 2018, first paying down the revolver and commercial paper.
NABORS INDUSTRIES LTD CHAIRMAN, PRESIDENT & CEO Anthony G Petrello acquired 848,142 shares and disposed of 225,000 in a set of related equity transactions.
15 Dec 2017capital raising announcement● NeutralMajor
Nabors completed the Tesco acquisition on 2017-12-15, so Tesco is now an indirect wholly owned subsidiary and Tesco shares stopped trading on NASDAQ. About 32.0 million new Nabors shares are being issued (up slightly from the roughly 31.8 million expected in August), and Tesco options and RSUs were cashed out. This resolves the August 2017 agreement.
On 2017-08-13 Nabors agreed to buy Tesco Corporation in an all-stock deal: each Tesco share becomes 0.68 of a Nabors share, which would mean about 31.8 million new Nabors shares (diluting existing holders). Closing needs Tesco shareholder approval, an Alberta court order and regulatory approvals; Tesco would owe Nabors an $8 million fee if it terminates for a superior proposal.
