Nabors slides on $200 mln exchangeable notes deal launch

Nabors Industries

09/02/2023 22:10

** Shares of Nabors Industries Ltd  NBR.N  down 13% after
hours as drilling rig provider looks to raise capital. Stock in
regular session on Thurs fell 7.7% to $173.48
    ** Nabors commences private offering of $200 mln
exchangeable senior unsecured notes due 2029  urn:newsml:reuters.com:*:nPn5W87T5a
    ** Co plans to use net proceeds to redeem all of its
outstanding 9.00% senior guaranteed notes due Feb 2025, any
remainder for general purposes, including debt repayment
    ** Co has ~$1.6 bln market cap, per Refinitiv
    ** After the bell Tues, co reported Q4 rev of $760 mln,
topping Refinitiv consensus of $747 mln, and forecasted adj free
cash flow for 2023 to exceed $400 mln
    ** NBR up 12% to start 2023 following 91% gain last year
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))