HAMILTON, Bermuda, Jan. 16, 2018 /PRNewswire/ -- Nabors Industries
Ltd. (NYSE:NBR) ("Nabors") today announced that its wholly owned
subsidiary, Nabors Industries, Inc. ("NII"), has priced
$800,000,000 in senior unsecured
notes due 2025, in the private placement offering it announced
earlier today. The notes will bear interest at an annual rate of
5.75%, and are being offered to investors at an initial price
of 100% of par. 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 January 23, 2018.
Nabors intends to use the net proceeds from this offering to
repay indebtedness of Nabors and its subsidiaries, including all of
NII's outstanding 6.15% senior notes due February 2018. Nabors intends to initially use
the net proceeds from this offering to prepay amounts currently
outstanding under NII's unsecured revolving credit facility and
commercial paper borrowings and subsequently draw on the unsecured
revolving credit facility or use cash on hand to pay NII's
outstanding 6.15% senior notes due February
2018 at maturity. The revolving credit facility matures in
2020 and the weighted average interest rate on borrowing under the
revolving credit facility was 2.59% as of September 30, 2017.
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.
About Nabors Industries
Nabors Industries (NYSE: NBR) owns and operates one of the
world's largest land-based drilling rig fleets and is a provider of
offshore platform rigs in the United
States and numerous international markets. Nabors also
provides directional drilling services, performance tools, and
innovative technologies for its own rig fleet and those of third
parties. Leveraging our advanced drilling automation capabilities,
Nabors highly skilled workforce continues to set new standards for
operational excellence and transform our industry.
Media Contacts:
For further information regarding Nabors, please contact
Dennis A. Smith, Vice President of
Corporate Development & Investor Relations, +1 281-775-8038, or
Nick Swyka, Director of Corporate
Development & Investor Relations, +1 281-775-2407. 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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SOURCE Nabors Industries Ltd.