Reported Earlier, Nabors Industries Prices $550M Senior Guaranteed Notes Due 2031 At 8.875% Annual Interest
Portfolio Pulse from Benzinga Newsdesk
Nabors Industries has priced $550 million in senior guaranteed notes due 2031 at an annual interest rate of 8.875%. The proceeds will be used to redeem its 7.25% senior guaranteed notes due 2026 and for general corporate purposes.
July 18, 2024 | 4:54 am
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Nabors Industries has issued $550 million in senior guaranteed notes due 2031 at an 8.875% interest rate. The proceeds will be used to redeem 7.25% notes due 2026 and for general corporate purposes.
The issuance of new notes at a higher interest rate but longer maturity allows Nabors to manage its debt profile by redeeming earlier notes. This could be seen positively as it shows proactive debt management, potentially improving investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100