HAMILTON, Bermuda, Jan. 7, 2020 /PRNewswire/ -- Nabors Industries
Ltd. (NYSE: NBR) ("Nabors") today announced that it has priced
$600 million in aggregate principal
amount of senior guaranteed notes due 2026 (the "2026 Notes") and
$400 million in aggregate principal
amount of senior guaranteed notes due 2028 (the "2028 Notes" and,
together with the 2026 Notes, the "notes") in the private placement
offering it announced yesterday. The 2026 Notes will bear interest
at an annual rate of 7.25% and are being offered to investors at an
initial price of 100% of par. The 2028 Notes will bear interest at
an annual rate of 7.50% and are being offered to investors at an
initial price of 100% of par. The notes will be fully and
unconditionally guaranteed by certain of Nabors' indirect
wholly-owned subsidiaries consisting of Nabors Industries, Inc.
("NII"), Nabors Drilling Holdings Inc., Nabors International
Finance Inc., Nabors Lux Finance 1, Nabors Global Holdings
Ltd. and Nabors Holdings Ltd. The sale of the notes to the initial
purchasers is expected to close on January
10, 2020, subject to customary closing conditions, and is
expected to result in approximately $986
million in net proceeds to Nabors after deducting
offering commissions payable by Nabors.
The notes will be senior unsecured obligations of Nabors and
will rank pari passu in right of payment with all of Nabors'
existing and future senior obligations. 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. The 2026 Notes
will mature on January 15, 2026 and
the 2028 Notes will mature on January 15,
2028.
Nabors intends to use the net proceeds from the offering to fund
NII's offer to repurchase, for an aggregate purchase price of up to
$800 million, NII's 5.50% senior
notes due 2023, 4.625% senior notes due 2021, 5.10% senior notes
due 2023 and 5.00% senior notes due 2020 in the previously
announced tender offers and consent solicitations for such notes,
and will use the remaining proceeds for general corporate purposes,
including the repayment of other debt.
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 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.
This press release shall not constitute an offer to purchase any
notes in the tender offers described above. Any such offer shall be
made solely by means of the related Offer to Purchase and Consent
Solicitation Statement.
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 (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides 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, Senior Vice
President of Corporate Development & Investor Relations, +1
281-775-8038 or William C. Conroy,
Senior Director of Corporate Development & Investor Relations,
+1 281-775-2423. 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.