Nabors To Commence Offering Of Senior Notes
Bermuda-registered Nabors Industries Ltd. announced on Wednesday [Sept 4] that its wholly owned subsidiary, Nabors Industries, Inc. has commenced an offering of senior unsecured notes, consisting of senior unsecured notes due 2016 and senior unsecured notes due 2023.
The notes will be fully and unconditionally guaranteed by Nabors Industries Ltd. The proceeds are intended to be used, together with cash on hand and borrowings under the Company’s revolving credit facility, if necessary, to purchase any and all of its outstanding $1.125 billion aggregate principal amount of 9.25% Senior Notes due 2019 that are validly tendered in connection with the Company’s tender offer announced today and to pay related fees and expenses.
The notes will be offered and sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended, 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”, a spokesperson said.
“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 may therefore 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”.
