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Nabors Industries Ltd | 6.00% Mandatory Convertible Preferred Shares, Series A (NBR.PRA)
Prospectus excerpt: We are offering 5,000,000 of our 6.00% Mandatory Convertible Preferred Shares, Series A, with a liquidation preference of $50 per share (our "series A preferred shares"). We will pay cumulative dividends on each of our series A preferred shares at a rate of 6.00% per annum of the initial liquidation preference of $50 per share. Dividends will accumulate from the first date of original issuance and, to the extent that we have lawfully available funds to pay dividends and our board of directors declares a dividend payable, we will pay dividends on February 1, May 1, August 1 and November 1 of each year in cash, our common shares, par value $0.001 per share (our "common shares"), or a combination thereof, at our election and subject to certain limitations. The first dividend payment, if declared, will be made on August 1, 2018, in the expected amount of $0.64 per series A preferred share, which will reflect the time period from the expected first date of original issuance to August 1, 2018. Each of our series A preferred shares will automatically convert on the second business day immediately following the end of the final averaging period (as defined below) into between 5.3763 and 6.4516 of our common shares (respectively, the "minimum conversion rate" and "maximum conversion rate"), each subject to adjustment, depending on the average VWAP (as defined herein) of our common shares over the 20 trading day period beginning on, and including, the 21st scheduled trading day prior to May 1, 2021, which we refer to herein as the "final averaging period." At any time prior to May 1, 2021, a holder of series A preferred shares may convert such series A preferred shares into our common shares at the minimum conversion rate, subject to adjustment, but such holder will not be entitled to accumulated and unpaid dividends for the then-current dividend period. During a specified period in connection with a fundamental change (as defined herein), a holder of series A preferred shares may convert such series A preferred shares into our common shares at the applicable fundamental change conversion rate (as defined herein). Upon the occurrence of a tax event (as defined herein), we may, at our option, cause all, but not less than all, of the series A preferred shares to be converted into our common shares at an increased conversion rate (determined as described herein). Full Prospectus PDF », Secondary Prospectus PDF », NBR Page »
Series: | A | Alternate symbology: | NBR-A, NBR-PA, NBRprA | Redeemable?: | Yes | Call Date: | 5/21/2021 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | 0.1144-0.1372 | Conversion Price: | $7.75-$9.30 | Shares Offered: | 6,000,000 | Overallotment: | 750,000 | Liquidation Preference: | $25.00 | Original Coupon: | 6.00% | Pay Period: | Quarterly | Pay Dates: | 1-Feb, 1-May, 1-Aug, 1-Nov | CDx3 Compliance Rating: |
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Nabors Industries is a holding company. Through its subsidiaries, Co. owns and operates land-based drilling rig fleet and provides offshore rigs. Co. also provides directional drilling services, tubular running services, performance tools, and technologies for its own rig fleet and those operated by third parties. Co.'s business is comprised of its land-based and offshore drilling rig operations and other rig related services and technologies, which include measurement-while-drilling, logging-while-drilling systems and services, equipment manufacturing, rig instrumentation. Co.'s segments are: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. Preferred: NBR.PRA Open the NBR Information Page »
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