HAMILTON, Bermuda, Nov. 15,
2023 /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 senior
priority guaranteed notes due 2030 (the "Notes"). The Notes will be
fully and unconditionally guaranteed by Nabors and certain of
Nabors' indirect wholly-owned subsidiaries which also guarantee the
Existing Senior Priority Guaranteed Notes (as defined below).
The Notes will be senior unsecured obligations of NII and will
rank pari passu with NII's existing 7.375% Senior Priority
Guaranteed Notes due 2027 (the "Existing Senior Priority Guaranteed
Notes"). The Notes will be guaranteed, jointly and severally, by
(i) Nabors, (ii) each of the subsidiaries that guarantee Nabors'
existing 7.25% Senior Guaranteed Notes due 2026 and 7.50% Senior
Guaranteed Notes due 2028 (together, the "Existing Guaranteed
Notes") and (iii) certain lower-tier subsidiaries of Nabors that
guarantee NII's revolving credit facility (the "Revolving Credit
Facility") but do not currently guarantee the Existing Guaranteed
Notes (the "Lower Tier Notes Guarantors"), other than Nabors Alaska
Drilling, Inc. The guarantee of the Notes by the Lower Tier Notes
Guarantors will be contractually subordinated in right of payment
with respect to the Lower Tier Notes Guarantors' guarantee of the
Revolving Credit Facility. Each of the guarantors of the Notes have
guaranteed the Existing Senior Priority Guaranteed Notes and will
guarantee the Notes on an equal and ratable basis.
Nabors intends to use the net proceeds from the offering to
repay all of its outstanding 5.75% Senior Notes due 2025 (the
"Senior Notes due 2025"). The remaining net proceeds will be used
for general corporate purposes. As of today's date, there is
$474.1 million in aggregate principal
of Senior Notes due 2025 outstanding.
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.