Nabors prices $700M senior notes

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Nabors Industries (NBR [https://seekingalpha.com/symbol/NBR]) priced [https://seekingalpha.com/pr/20293477-nabors-prices-700-million-in-senior-priority-guaranteed-notes]$700 million in aggregate principal amount of senior priority guaranteed notes due 2032. The offering was upsized from the $550M notes announced earlier the same day.

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The notes will bear interest at an annual rate of 7.625% and are being offered to investors at an initial price of 100.0% of par.

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The sale of the notes to the initial purchasers is expected to close on November 10, 2025.

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It is expected to result in approximately $690.2M in net proceeds after deducting the discount to initial purchasers.

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The notes will be senior unsecured obligations of NII and will rank pari passu with NII's existing 9.125% senior priority guaranteed notes due 2030.

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Net proceeds will be used to redeem NII's outstanding 7.375% senior priority guaranteed notes due 2027. The remaining net proceeds will be used for general corporate purposes. As of today's date, there is ~$546.1M in aggregate principal of senior priority guaranteed notes due 2027 outstanding.

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