HAMILTON, Bermuda, Nov. 18, 2021 /PRNewswire/-- Nabors Industries
Ltd. (NYSE: NBR) ("Nabors") announced today that Nabors Industries,
Inc. ("NII"), its indirect wholly-owned subsidiary, has commenced
an offering of $700 million senior
priority guaranteed notes due 2027 (the "Notes"). The Notes will be
fully and unconditionally guaranteed by Nabors and certain of
Nabors' indirect wholly-owned subsidiaries who 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 9.00% Senior Priority
Guaranteed Notes due 2025 and 6.50% Senior Priority Notes due 2025
(the "Existing Senior Priority Guaranteed Notes"). The Notes will
be guaranteed 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. As a result, the Notes and the Existing
Senior Priority Guaranteed Notes will be structurally senior to all
outstanding notes issued by Nabors and NII, including the Existing
Guaranteed Notes.
Nabors intends to use the net proceeds from the offering to
repay approximately $457.5 million of
the amount outstanding under NII's Revolving Credit Facility and
the remainder for general corporate purposes. As of today's date,
there is $585 million outstanding
under the Revolving Credit Facility, excluding $62.6 million of letters of credit.
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 of 1933 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 is a leading provider of advanced technology
for the energy industry. With operations in approximately 20
countries, Nabors has established a global network of people,
technology and equipment to deploy solutions that deliver safe,
efficient and sustainable energy production. By leveraging its core
competencies, particularly in drilling, engineering, automation,
data science and manufacturing, Nabors aims to help shape the
future of energy and enable the transition to a lower carbon
world.
Media Contacts:
For further information regarding Nabors, please contact
William C. Conroy, 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.
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SOURCE Nabors Industries Ltd.