Nabors Industries Ltd. (NBR) extended its offer to exchange up to $700 million in 2020 notes, after the land-drilling oil contractor said nearly all of the old notes had been tendered in the exchange.
The offer, originally scheduled to expire on Feb. 18, will now expire at 5 p.m. EST Wednesday, unless further extended.
Nabors said as of Feb. 18, about $698 million, or 99.7%, of the old notes had been confirmed as tendered in exchange for the new notes.
Last week, Nabors reported it swung to a profit following prior-year writedowns as its top line surged on continued strong gains in the Lower 48 drilling operations. The company has seen North American revenue boosted by acquisitions lately. The industry has largely benefited from increasing dayrates, improved margins and higher rig counts.
Shares fell 0.8% to $27.95 in premarket trading.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org