HAMILTON, Bermuda, July 17,
2024 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:
NBR) ("Nabors") announced today that Nabors Industries, Inc.
("NII"), its indirect wholly-owned subsidiary, has commenced
an offering of $550 million aggregate
principal amount of senior guaranteed notes due 2031 (the "Notes").
The Notes will be fully and unconditionally guaranteed by Nabors
and each of the subsidiaries, other than NII, that guarantee
Nabors' 7.50% senior guaranteed notes due 2028.
The Notes will be senior unsecured obligations of NII and will
rank pari passu in right of payment with all of NII's
existing and future senior obligations, including Nabors' 7.50%
senior guaranteed notes due 2028. The guarantees of the Notes will
be senior unsecured obligations of the guarantors and will rank
pari passu in right of payment with all of the guarantors'
existing and future senior obligations, including the guarantors'
guarantee of the 7.50% senior guaranteed notes due 2028.
Nabors intends to use the net proceeds from this offering, along
with cash on hand, to redeem all of its 7.25% senior guaranteed
notes due 2026. Any excess proceeds will be used for general
corporate purposes, including, potentially, repayment of other
outstanding indebtedness.
The Notes will be offered and sold to persons reasonably
believed to be 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 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 its subsidiaries, 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, as amended. 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 is a leading provider of advanced technology
for the energy industry. With presence in more than 20 countries,
Nabors has established a global network of people, technology and
equipment to deploy solutions that deliver safe, efficient and
responsible energy production. By leveraging its core competencies,
particularly in drilling, engineering, automation, data science and
manufacturing, Nabors aims to innovate the future of energy and
enable the transition to a lower-carbon world. Learn more about
Nabors and its energy technology leadership:
www.nabors.com.
Media Contacts:
For further information regarding Nabors, please contact
William C. Conroy, CFA, Vice
President of Corporate Development & Investor Relations, +1
281-775-2423 or via e-mail william.conroy@nabors.com, or
Kara Peak, Director of Corporate
Development & Investor Relations, +1 281-775-4954 or via
email kara.peak@nabors.com. To request investor materials,
contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.