HAMILTON, Bermuda, June 20, 2017 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR) today announced that its subsidiary, Nabors Industries, Inc. ("Nabors Delaware"), has commenced an offer to exchange any and all of Nabors Delaware's $600,000,000 aggregate principal amount of 5.50% Senior Notes due 2023, which were issued in a private placement on December 9, 2016 (the "Old Notes") for up to an equal principal amount of its 5.50% Senior Notes due 2023 which have been registered under the Securities Act of 1933, as amended (the "New Notes"). Both the Old Notes and the New Notes are guaranteed by Nabors.
The exchange offer is being made solely to satisfy Nabors Delaware's obligations under a registration rights agreement entered into on December 9, 2016, in connection with the issuance of the Old Notes, and does not represent a new financing transaction. Neither Nabors nor Nabors Delaware will receive any proceeds from the exchange offer.
The terms of the New Notes are substantially identical to the terms of the Old Notes, except that certain transfer restrictions, registration rights and additional interest provisions do not apply to the New Notes. Old Notes that are not exchanged in the exchange offer will continue to be subject to the existing transfer restrictions, and Nabors Delaware generally will have no further obligation to provide for the registration of those notes under the Securities Act of 1933.
The exchange offer will expire at 5:00 p.m., New York City time, on July 18, 2017, unless extended by Nabors Delaware. Tenders of Old Notes must be validly made at or prior to the expiration time and may be withdrawn at any time prior to the expiration time.
The terms of the exchange offer are set forth in a prospectus dated June 20, 2017. Requests for information about the exchange offer should be directed to the exchange agent, Citibank, N.A., at (800) 422-2066.
This press release is not an offer to buy or sell or the solicitation of an offer to buy or sell any of the securities described herein, nor shall there be any offer, solicitation or sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. A registration statement on Form S-4 relating to the exchange offer was declared effective by the Securities and Exchange Commission on June 19, 2017. The exchange offer is being made only pursuant to the prospectus dated June 20, 2017.
Nabors (NYSE: NBR) owns and operates the world's largest land-based drilling rig fleet and is a leading provider of offshore platform rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies throughout many of the most significant oil and gas markets. Leveraging our advanced drilling automation capabilities, Nabors' highly skilled workforce continues to set new standards for operational excellence and transform our industry.
The information included in this press release 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 a number of 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. The forward-looking statements contained in this press release reflect management's estimates and beliefs as of the date of this press release. Nabors does not undertake to update these forward-looking statements.
Media Contact: Dennis A. Smith, Vice President of Corporate Development & Investor Relations, +1 281-775-8038. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via e-mail at email@example.com
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SOURCE Nabors Industries Ltd.