Conyers assists Nabors Industries on $1.1bn notes issuance
Conyers’ Bermuda office has advised US oil and gas company Nabors Industries on its issuance of $600 million in aggregate principal amount of its 7.25%-per cent senior guaranteed notes due 2026, and $400 million in aggregate principal amount of its 7.50-per cent senior guaranteed notes due 2028.
The note issuance is ully and unconditionally guaranteed by Nabors Holdings Nabors Industries, Nabors Drilling Holdings, Nabors International Finance, Nabors Lux Finance 1 and Nabors Global Holdings.
The private offering is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).
The notes are senior unsecured obligations of Nabors and will rank pari passu in right of payment with all of Nabors’ existing and future senior obligations. The guarantees of the notes will be senior unsecured obligations of the guarantors and will rank pari passu in right of payment with all of the guarantors’ existing and future senior obligations. The 2026 Notes will mature on 15 January 2026 and the 2028 Notes will mature on 15 January 2028.
Chiara Nannini (pictured), the director of Conyers’ Bermuda office, advised on the issuance, working alongside Milbank.
