Nabors Industries (NBR) announced that its wholly owned unit is offering $500 million of exchangeable senior unsecured notes due 2024 through a private offering. The notes can be exchanged at certain times with the unit settling the swap in cash, common shares of Nabors, or a combination of the two. Nabors and its unit will enter privately negotiated capped call transactions with one or more of the initial purchasers and/or their affiliates to cover the number of Nabors shares that will initially underlie the notes.