NABORS INDUSTRIES LTD. (NYSE:NBR) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ArrangementItem 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
On June 11, 2018, Nabors Industries, Inc. (“NII”), a direct wholly owned subsidiary of Nabors Industries Ltd. (the “Company”), gave notice to (i) Section 10.07 of that certain indenture dated as of January 12, 2009, by and among NII, as issuer, NIL, as guarantor, and Wells Fargo Bank, National Association, as trustee, relating to NII’s 9.25% Senior Notes due 2019 (the “Notes”) and (ii) Paragraph 4 of the Notes, that NII has elected to exercise its option to redeem, and will redeem, on July 6, 2018 (the “Redemption Date”), an aggregate principal amount of $303,489,000 of the Notes outstanding as of the Redemption Date at a redemption price equal to the greater of (a) 50% of the principal amount of the Notes to be redeemed, or (b) the sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date) computed by discounting such payments to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of 50 basis points plus the Adjusted Treasury Rate (as defined in the Notes) on the third business day prior to the Redemption Date, plus in each case accrued and unpaid interest on the Notes up to, but not including, the Redemption Date (the “Redemption Price”). After the consummation of the redemption no Notes will remain outstanding.
