Milbank LLP advised leading global oil, natural gas and geothermal drilling contractor Nabors Industries Ltd. (“Nabors”) in connection with its wholly owned subsidiary Nabors Industries, Inc.’s (“NII”) pricing of $800 million in senior unsecured notes due 2025 in a private placement offering. Nabors Industries Ltd. will fully and unconditionally guarantee the notes that will bear interest at an annual rate of 5.75%, and are being offered to investors at an initial price of 100.00% of par.
The net proceeds from the notes will enable Nabors to repay indebtedness of Nabors and its subsidiaries, as well as prepay amounts currently outstanding under NII’s unsecured revolving credit facility that matures in 2020 and commercial paper borrowings. The notes will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States in accordance with Regulation S under the Securities Act and applicable exemptions from registration, prospectus or like requirements under the laws and regulations of the relevant jurisdictions outside the United States.
The Milbank team was led by New York Corporate partner Charles Conroy and New York Capital Markets partners Brett Nadritch and James Ball Jr. with associates Mojdeh Pourmahram and Elizabeth McNichol.
The sale of notes is expected to close on or around January 23, 2018.
