Past year: ▲ 65%(48.52 – 102.61 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
23 July 2021capital raising announcement● Neutral
Nabors closed the first of the two carbon-reduction technology deals and issued 147,974 shares at $110.83 each ($16.4 million) to the seller. The shares are pledged against indemnity claims and earnout conditions; the second deal had not closed per this filing.
What it means for a shareholder
147,974 new shares at US$110.83 to raise about US$16.4m. That's 2.0% dilution: every existing holder's slice gets 2.0% smaller. If you held US$1,000 of shares (9 at the issue price), your slice goes from 0.000122% to 0.000119% of the company. To keep it you'd need 0 more shares - about US$0 at the issue price.
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7 July 2021capital raising announcement● Neutral
A new Nabors subsidiary, Nabors Energy Transition Solutions, agreed on July 1, 2021 to buy or license carbon-reduction and carbon-capture intellectual property, paying partly in Nabors shares: $16.4 million worth for the first deal, and $7.5 million plus $7.5 million worth for the second. The number of shares is not yet known and the shares are pledged against indemnity and earnout conditions, so this will add some new shares.
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.
9 May 2018capital raising announcement▼ BadMajor
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.
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.
13 Jan 2017capital raising announcement● NeutralMajor
The $500 million exchangeable notes closed on January 13, 2017, and the initial purchasers exercised their $75 million option in full on January 10 (so $575 million in total, an inference from the two figures). Net proceeds were about $561.2 million, to be used to prepay $162.5 million of the term loan and pay about $40.3 million for the capped calls, with the rest for general purposes. Additional capped calls were entered for the extra notes. This completes the offering announced on January 9; any shares issued on exchange would dilute holders, subject to the capped call offset.
11 Jan 2017capital raising announcement● NeutralMajor
On January 9, 2017 Nabors Industries, Inc. agreed to sell $500 million of 0.75% exchangeable senior notes due January 15, 2024, guaranteed by Nabors, with a 30-day option for $75 million more. The notes can be exchanged for cash, Nabors shares or a mix at the company's choice, at an initial price of about $25.16 per share (39.7488 shares per $1,000). Nabors also bought capped calls with a $31.4475 cap, which are expected to reduce potential dilution or offset cash payments on exchange. The announced plan is to use proceeds to prepay the remaining term loan and pay for the capped calls.
