Nabors Industries Announces Partial Redemption of 7.375% Senior Priority Guaranteed Notes Due 2027
Reuters
Sep 09
Nabors Industries Announces Partial Redemption of 7.375% Senior Priority Guaranteed Notes Due 2027
Nabors Industries Ltd., through its subsidiary Nabors Industries, Inc., has announced a partial redemption of its 7.375% Senior Priority Guaranteed Notes due in 2027. The company plans to redeem $150 million of the notes, with the redemption set for September 30, 2025. The redemption price will be 101.844% of the principal amount, in addition to any accrued and unpaid interest. This move is part of Nabors' ongoing strategy to reduce its debt, following the repayment of its revolving credit facility. The company is utilizing proceeds from the sale of Quail Tools to aid in this debt reduction effort. CEO Anthony G. Petrello highlighted the importance of debt reduction as a key value driver for the company.
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