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Subsequent Events | 12 Months Ended
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Dec. 31, 2016
Subsequent Events |
Subsequent Events | Note 23 Subsequent Events On February 17, 2017, our Board declared a cash dividend of $0.06 per common share, which will be paid on April 4, 2017 to shareholders of record at the close of business on March 14, 2017. On January 9, 2017, Nabors Delaware entered into a purchase agreement under which it agreed to sell $500 million aggregate principal amount of its 0.75% exchangeable senior notes due January 15, 2024. In addition, Nabors Delaware granted certain of the initial purchasers a 30-day option to purchase up to an additional $75 million in aggregate principal amount of the 0.75% exchangeable senior notes due January 15, 2024 on the same terms and conditions, solely to cover over-allotments. This option was exercised in full on January 10, 2017. The closing of the sale of the Exchangeable Notes occurred on January 13, 2017. The exchangeable notes are fully and unconditionally guaranteed by us. The net proceeds were used to prepay $162.5 million outstanding under the term loan facility, which matures in 2020, as well as to pay approximately $40.3 million for the cost of entering into the capped call transactions as described below. Any remaining net proceeds from the offering were allocated for general corporate purposes, including to repurchase or repay other indebtedness. The exchangeable notes are exchangeable, under certain conditions, at an initial exchange rate of 39.75 common shares of the Company per $1,000 principal amount of notes (equivalent to an initial exchange price of approximately $25.16 per common share). Upon any exchange, Nabors Delaware will settle its exchange obligation in cash, common shares of the Company, or a combination of cash and common shares, at our election. In connection with the exchangeable notes offering, we and Nabors Delaware entered into privately negotiated capped call transactions with one or more of the initial purchasers of the exchangeable notes and/or their respective affiliates (the “option counterparties”). The capped call transactions, in the aggregate, cover, subject to customary anti-dilution adjustments, the same number of our common shares that initially underlie the exchangeable notes. The capped call transactions are expected to reduce potential dilution to our common shares and/or offset potential cash payments Nabors Delaware is required to make in excess of the principal amount upon any exchange of the exchangeable notes. Such reduction and/or offset is subject to a cap representing a price per share of $31.45, an approximately 75.0% premium over our last reported sale price of $17.97 per common share on the NYSE on January 9, 2017. Subsequent to December 31, 2016 through the date of this annual report, we repurchased $69.2 million aggregate principal amount of our 6.15% senior notes due February 2018 for approximately $74.1 million in cash, reflecting principal, accrued and unpaid interest.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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