03:49 AM EDT, 07/18/2024 (MT Newswires) -- Nabors Industries ( NBR ) said late Wednesday it priced an offering of $550 million principal amount of 8.875% senior guaranteed notes due 2031 at 100% of par value.

Net proceeds, estimated to be about $540.7 million, will be used to fund the redemption of the company's 7.25% senior guaranteed notes due 2026, other debt repayments, and for general corporate purposes, the company said.

The offering is expected to close on July 22, subject to customary closing conditions.

Price: 88.91, Change: -0.20, Percent Change: -0.22