Nabors Industries(NBR Quote) plans to offer about $2.5 billion of senior exchangeable notes due 2011 through an offering to qualified institutional buyers.
The oil-drilling company said late Wednesday that it intends to use a portion of the net proceeds from the offering for the cost of exchangeable-note hedge transactions that it expects to enter into with one or more financial institutions, which may include affiliates of the initial purchasers. The transactions are intended to limit exposure to potential dilution to Nabors' shareholders from exchanging the notes.
The remaining net proceeds of the offering will be used for general corporate purposes, which may include capital expenditures, retirement of other indebtedness, repurchases of Nabors' common shares or pursuing acquisition opportunities.
Shares of Nabors closed Wednesday down 53 cents, or 1.5%, to $35.25....
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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