Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 3:07 AM
|This Slide: #150 of 573|
Slide #150. Nabors Industries Ltd. — Preferred Stock Offering
Nabors Industries Ltd. (NYSE:NBR)
Preferred Stock Offering Details:
Nabors Industries Ltd. (NYSE:NBR) ("Nabors") announced today that it has commenced concurrent underwritten public offerings of 35,000,000 of its common shares and 5,000,000 of its new mandatory convertible preferred shares, series A (the "mandatory convertible preferred shares"). In connection with the common shares offering, Nabors intends to grant the underwriters a 30-day option to purchase an additional 5,250,000 common shares. In connection with the mandatory convertible preferred shares offering, Nabors intends to grant the underwriters a 30-day overallotment option to purchase an additional 750,000 mandatory convertible preferred shares. Nabors intends to use the net proceeds from these offerings to repay borrowings outstanding under its revolving credit facility, which it may re-borrow from time to time for the repayment of other indebtedness, and for general corporate purposes.
Nabors Industries, through its subsidiaries, owns and operates land-based drilling rig fleet and is a provider of offshore platform drilling rigs in the United States and several global markets. Co. also provides directional drilling services, tubular services, performance tools, and technologies for its own rig fleet and those of third parties. Co.'s business is comprised of its land-based and offshore drilling rig operations and other rig related services and technologies, consisting of equipment manufacturing, rig instrumentation and optimization software. Co. has five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies.
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Hold (1.81 out of 4)
(ranked lower than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com