HAMILTON, Bermuda, Jan. 7 /CNW/ -- Nabors Industries Ltd. (NYSE: NBR)
today announced that its wholly owned subsidiary, Nabors Industries, Inc., has
priced $1.125 billion in Senior Unsecured Notes due 2019, following the
private placement offering it announced earlier today. The Notes will bear
interest at a rate of 9.25 percent and will be fully and unconditionally
guaranteed by Nabors Industries Ltd. The proceeds are intended to be used for
the repayment or repurchase of indebtedness and general corporate purposes.
The transaction is expected to close on or about January 12, 2009.
The notes were offered to qualified institutional buyers under Rule 144A
and in offshore transactions pursuant to Regulation S. The notes have not
been registered under the Securities Act of 1933, as amended (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. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of the notes
in any state in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any such
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
The Nabors companies own and actively market a fleet of approximately 525
land drilling and approximately 700 land workover and well-servicing rigs in
North America. Nabors' actively marketed offshore fleet consists of
approximately 37 platform rigs, 13 jack-up units and 3 barge rigs in the
United States and multiple international markets. In addition, Nabors
manufactures top drives and drilling instrumentation systems and provides
comprehensive oilfield hauling, engineering, civil construction, logistics and
facilities maintenance, and project management services. Nabors also holds
interest in various oil and gas properties, both in North America and
internationally. Nabors participates in most of the significant oil, gas and
geothermal markets in the world.
For further information, please contact Dennis A. Smith, Director of
Corporate Development of Nabors Corporate Services, Inc. at 281-775-8038. To
request Investor Materials, call our corporate headquarters in Hamilton,
Bermuda at 441-292-1510 or via email at firstname.lastname@example.org.
For further information:
For further information: Dennis A. Smith, Director of Corporate
Development, +1-281-775-8038, or Investors, +1-441-292-1510,
email@example.com, both of Nabors Industries Ltd.