HAMILTON, Bermuda, June 20, 2017 /PRNewswire/ -- Nabors Industries
Ltd. ("Nabors") (NYSE: NBR) today announced that its
subsidiary, Nabors Industries, Inc. ("Nabors Delaware"), has commenced an offer to
exchange any and all of Nabors
Delaware's $600,000,000 aggregate principal amount
of 5.50% Senior Notes due 2023, which were issued in a private
placement on December 9, 2016 (the "Old Notes") for up to
an equal principal amount of its 5.50% Senior Notes due 2023 which
have been registered under the Securities Act of 1933, as amended
(the "New Notes"). Both the Old Notes and the New Notes are
guaranteed by Nabors.
The exchange offer is being made solely to satisfy Nabors Delaware's obligations under a
registration rights agreement entered into on December 9,
2016, in connection with the issuance of the Old Notes, and
does not represent a new financing transaction. Neither
Nabors nor Nabors Delaware will
receive any proceeds from the exchange offer.
The terms of the New Notes are substantially identical to the
terms of the Old Notes, except that certain transfer restrictions,
registration rights and additional interest provisions do not apply
to the New Notes. Old Notes that are not exchanged in the
exchange offer will continue to be subject to the existing transfer
restrictions, and Nabors Delaware
generally will have no further obligation to provide for the
registration of those notes under the Securities Act of 1933.
The exchange offer will expire at 5:00 p.m., New York
City time, on July 18, 2017, unless extended by
Nabors Delaware. Tenders of
Old Notes must be validly made at or prior to the expiration time
and may be withdrawn at any time prior to the expiration time.
The terms of the exchange offer are set forth in a prospectus
dated June 20, 2017. Requests for information about the
exchange offer should be directed to the exchange
agent, Citibank, N.A., at (800) 422-2066.
This press release is not an offer to buy or sell or the
solicitation of an offer to buy or sell any of the securities
described herein, nor shall there be any offer, solicitation or
sale of such securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. A registration
statement on Form S-4 relating to the exchange offer was declared
effective by the Securities and Exchange
Commission on June 19, 2017. The exchange offer is
being made only pursuant to the prospectus dated June 20, 2017.
About Nabors
Nabors (NYSE: NBR) owns and operates the world's largest
land-based drilling rig fleet and is a leading provider of offshore
platform rigs in the United States
and numerous international markets. Nabors also provides
directional drilling services, performance tools, and innovative
technologies throughout many of the most significant oil and gas
markets. Leveraging our advanced drilling automation capabilities,
Nabors' highly skilled workforce continues to set new standards for
operational excellence and transform our industry.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of 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. The forward-looking statements contained in this
press release reflect management's estimates and beliefs as of the
date of this press release. Nabors does not undertake to
update these forward-looking statements.
Media Contact: Dennis A.
Smith, Vice President of Corporate Development &
Investor Relations, +1 281-775-8038. To request investor
materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail at mark.andrews@nabors.com
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SOURCE Nabors Industries Ltd.