Nabors Industries plans big debt offer, part of rush before Friday payrolls

|By:, SA News Editor

Nabors Industries (NBR +1.5%) plans to offer senior unsecured notes maturing in 2016 and 2023 as it raises funds to repurchase $1.3B of other debt.

NBR says proceeds, along with cash on hand and borrowings from its revolving credit facility, will be used for its tender offer for any and all of the 9.25% senior notes.

Companies are rushing to fit in as many bond sales as possible in the days ahead of Friday’s release of monthly payrolls data; Starbucks (SBUX), Home Depot (HD), Caterpillar (CAT) and Unilever (UL) have tapped the market for a combined $10B worth of new securities, plus another $5B in debt offerings from companies such as Lowe's (LOW) and NBR.