Benzinga | Sep 16, 2021 07:03AM EDT

Nabors Reiterates Q3 Guidance And Announces Repayment Of 4.625% Senior Notes

Nabors Industries Ltd. ("Nabors" or the "Company") (NYSE:NBR) today reiterated its financial outlook for the third quarter of 2021. The Company published the original outlook in the July press release detailing results for second quarter of 2021.

At maturity on September 15th, Nabors repaid the outstanding portion of its 4.625% senior notes due in September 2021. As of June 30th, the remaining amount totaled $82.4 million.

Anthony G. Petrello, Nabors Chairman, CEO and President, commented, "Our overall activity has developed as we expected in the third quarter with all of our segments continuing their strong performance. We are also encouraged by our cash generation quarter-to-date and expect once again to reduce our net debt as anticipated. We remain committed to improving the Company's balance sheet leverage and we have completed another step. With the retirement of the 4.625% notes, our next pending maturity occurs in early 2023 and amounts to less than $25 million."