HAMILTON, Bermuda, Nov. 15,
2023 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:
NBR) ("Nabors") today announced that Nabors Industries, Inc.
("NII") has priced $650 million in
aggregate principal amount of senior priority guaranteed notes due
2030 (the "Notes") in the offering it announced earlier today. The
Notes will bear interest at an annual rate of 9.125% and are being
offered to investors at an initial price of 100% of par. The Notes
will be fully and unconditionally guaranteed by Nabors and certain
of Nabors' indirect wholly-owned subsidiaries consisting of Nabors
Drilling Holdings Inc., Nabors Drilling Technologies USA, Inc., Nabors International Finance Inc.,
Nabors Lux Finance 1 S.à.r.l., Nabors
Lux 2 S.à.r.l., Nabors Global Holdings Limited, Nabors
International Management Limited, Nabors Holdings Ltd. and Canrig
Drilling Technology Canada Ltd. The sale of the Notes to the
initial purchasers is expected to close on November 20, 2023, subject to customary closing
conditions, and is expected to result in approximately $641 million in net proceeds to Nabors after
deducting offering expenses payable by Nabors.
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"). 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
retire 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.