HAMILTON, Bermuda, Dec. 2, 2016 /PRNewswire/ -- Nabors
Industries Ltd. (NYSE:NBR) ("Nabors") today announced that its
wholly owned subsidiary, Nabors Industries, Inc. ("NII"), has
priced $600,000,000 in aggregate
principal amount of its 5.5% senior unsecured notes due 2023, in
the private placement offering it announced earlier today.
The notes will be fully and unconditionally guaranteed by Nabors
Industries Ltd. The closing of the sale of notes is expected to
occur on or about December 9,
2016.
The proceeds from the notes are intended to be used to prepay
the $162.5 million portion due in
2018 under NII's $325.0 million
unsecured term loan and all amounts currently outstanding under
NII's unsecured revolving credit facility, which matures in 2020.
Any proceeds not used for such purposes will be used for general
corporate purposes, including to repay amounts outstanding under
NII's commercial paper program and to repurchase or repay other
indebtedness of Nabors and its subsidiaries.
The notes will be offered and sold to qualified institutional
buyers in accordance with Rule 144A under the Securities Act of
1933, as amended (the "Securities Act"), and to persons outside
the United States in accordance
with Regulation S under the Securities Act and applicable
exemptions from registration, prospectus or like requirements under
the laws and regulations of the relevant jurisdictions outside
the United States. The notes will
not be registered under the Securities Act and, unless so
registered, may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws. The notes will also not be registered in any
jurisdiction outside of the United
States and no action or steps will be taken to permit the
offer of the notes in any such jurisdiction where any registration
or other action or steps would be required to permit an offer of
the notes.
The notes will not be offered or sold in any such jurisdiction
except pursuant to an exemption from, or in a transaction not
subject to, the relevant requirements of laws and regulations of
such jurisdictions.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other securities
of Nabors or NII, nor shall there be any offer, solicitation or
sale of the notes in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful.
The information above includes forward-looking statements within
the meaning of the Securities Act and the Securities Exchange Act
of 1934. Such forward-looking statements are subject to certain
risks and uncertainties, as disclosed by Nabors from time to time
in its filings with the Securities and Exchange Commission. As a
result of these factors, Nabors' actual results may differ
materially from those indicated or implied by such forward-looking
statements. Nabors does not undertake to update these
forward-looking statements.
For further information regarding Nabors, please contact
Dennis A. Smith, Vice President of
Corporate Development & Investor Relations, at 281-775-8038. To
request investor materials, contact Nabors' corporate headquarters
in Hamilton, Bermuda at
441-292-1510 or via email at mark.andrews@nabors.com.
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visit:http://www.prnewswire.com/news-releases/nabors-prices-600000000-in-senior-unsecured-debt-offering-300372368.html
SOURCE Nabors Industries Ltd.