Source: Houston Chronicle
Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses.
In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of senior notes worth nearly $1.4 billion and due in Dec. 2022.
Under the deal, Barclays, JP Morgan and Wells Fargo and 10 other banks will sell the new senior notes on behalf of NOV. Sold in denominations of $2,000, the new senior notes will pay 3.6 percent interest when they mature in Dec. 2029.
Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses.
In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of senior notes worth nearly $1.4 billion and due in Dec. 2022.
Under the deal, Barclays, JP Morgan and Wells Fargo and 10 other banks will sell the new senior notes on behalf of NOV. Sold in denominations of $2,000, the new senior notes will pay 3.6 percent interest when they mature in Dec. 2029.
Struggling oilfield service company National Oilwell Varco plans to issue $500 million of senior notes amid some financial reshuffling to pay down near-term debt and deal with recent quarterly losses.
In a Monday afternoon filing with the U.S. Securities and Exchange Commission, NOV reported plans to issue the notes to help pay down a different set of senior notes worth nearly $1.4 billion and due in Dec. 2022.
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Under the deal, Barclays, JP Morgan and Wells Fargo and 10 other banks will sell the new senior notes on behalf of NOV. Sold in denominations of $2,000, the new senior notes will pay 3.6 percent interest when they mature in Dec. 2029.
With historical roots going back to 1862, NOV is headquartered in Houston and has more than 35,000 employees in 65 nations.
NOV reported a $31 million loss on $8.5 billion of revenue in 2018. The company has not made an annual profit since 2014.
