Nabors to price $800 million two-part guaranteed notes on Tuesday

By Paul A. Harris

Portland, Ore., Jan. 6 – Nabors Industries Ltd. plans to price $800 million of senior guaranteed notes in two tranches on Tuesday, according to a syndicate source.

An investor call is scheduled to get underway at 10 a.m. ET on Tuesday.

The deal includes six-year notes, which become callable at par plus 75% of the coupon after 2.5 years, and eight-year notes, which become callable at par plus 75% of the coupon after three years.

Tranche sizes remain to be determined.

Citigroup Global Markets Inc. is the lead bookrunner for the Rule 144A and Regulation S for life offering. Morgan Stanley & Co. LLC, Wells Fargo Securities LLC, Mizuho Securities USA Inc., Goldman Sachs & Co. LLC, BofA Securities Inc. and MUFG are the joint bookrunners.

The Houston-based oil and gas drilling company plans to use the proceeds to fund the concurrent tender offer for its senior notes due in 2020, 2021 and 2023, with excess proceeds to be used for general corporate purposes, including debt repayment.

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