STOCK TITAN

Nabors Industries Announces Notice to Warrant Holders

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Nabors Industries Ltd. (NYSE: NBR) announced on February 17, 2022, a notice to Warrant holders regarding changes in the exercise price payment options for Warrants issued on June 11, 2021. Effective March 21, 2022, only specific series of notes will be accepted as payment for exercising Warrants, specifically, the 5.10% Notes due 2023, 5.75% Notes due 2025, and 7.25% Notes due 2026. Other series, such as the 0.75% Exchangeable Notes due 2024, will no longer be valid for this purpose. This adjustment informs stakeholders of the requirements for Warrants exercise.

Positive
  • Clarification for Warrant holders enhances transparency.
  • Designated notes streamline the exercise process for Warrants.
Negative
  • Exclusion of other notes could limit flexibility for Warrant holders.

HAMILTON, Bermuda, Feb. 17, 2022 /PRNewswire/ -- On June 11, 2021, Nabors Industries Ltd. ("Nabors") (NYSE: NBR) issued Warrants ("Warrants") to all holders of Nabors' common shares ("Common Shares") to purchase Common Shares pursuant to a Warrant Agreement (the "Warrant Agreement") dated as of June 10, 2021 between Nabors and Computershare Trust Company, N.A.

Nabors, in compliance with section 8.04 of the Warrant Agreement, hereby notifies Warrant holders that effective as of March 21, 2022 (the "Effective Date") the following series of notes are "Designated Notes" under the Warrant Agreement and may be used to pay the exercise price of the Warrants:

  • Nabors Industries, Inc.'s 5.10% Notes due 2023,
  • Nabors Industries, Inc.'s 5.75% Notes due 2025 and
  • Nabors' 7.25% Notes due 2026

As a result of this designation, upon the Effective Date, no other series of notes, including Nabors Industries, Inc.'s 0.75% Exchangeable Notes due 2024, will be accepted by Nabors as payment of the exercise price of the Warrants.

About Nabors Industries
Nabors Industries (NYSE: NBR) is a leading provider of advanced technology for the energy industry. With operations in more than 15 countries, Nabors has established a global network of people, technology and equipment to deploy solutions that deliver safe, efficient and responsible energy production. By leveraging its core competencies, particularly in drilling, engineering, automation, data science and manufacturing, Nabors aims to innovate the future of energy and enable the transition to a lower carbon world. Learn more about Nabors and its energy technology leadership: www.nabors.com.

Investor Contacts:

For further information regarding Nabors, please contact William C. Conroy, CFA, Vice President of Corporate Development & Investor Relations, +1 281-775-2423 or via e-mail william.conroy@nabors.com or Kara Peak, Director of Corporate Development & Investor Relations, +1 281-775-4954 or via email kara.peak@nabors.com  

Cision View original content:https://www.prnewswire.com/news-releases/nabors-industries-announces-notice-to-warrant-holders-301485249.html

SOURCE Nabors Industries Ltd.

FAQ

What changes did Nabors Industries announce for Warrant holders on February 17, 2022?

Nabors Industries announced that effective March 21, 2022, only specific notes will be accepted as payment for exercising Warrants.

Which notes are now designated for paying the Warrant exercise price?

The designated notes are Nabors' 5.10% Notes due 2023, 5.75% Notes due 2025, and 7.25% Notes due 2026.

What will happen to other series of notes for Warrant exercises?

Other series, such as the 0.75% Exchangeable Notes due 2024, will no longer be accepted for Warrant exercise after March 21, 2022.

How does this announcement affect Nabors Industries' Warrant holders?

The announcement impacts Warrant holders by specifying which notes can be used for exercising Warrants, potentially limiting options.

Where can I find more information about Nabors Industries?

More information can be found on Nabors Industries' official website at www.nabors.com.

Nabors Industries Ltd.

NYSE:NBR

NBR Rankings

NBR Latest News

NBR Stock Data

525.21M
10.15M
5.17%
74.53%
18.82%
Oil & Gas Drilling
Drilling Oil & Gas Wells
Link
United States of America
HAMILTON, HM08