HAMILTON, Bermuda, April 10, 2013 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:NBR) today announced that its wholly owned subsidiary, Nabors Industries, Inc. ("NII"), has established an unsecured commercial paper program, on a private placement basis, under which NII may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.5 billion. NII's revolving credit facility is available to repay the notes if necessary. The notes are guaranteed by Nabors Industries Ltd. (collectively with NII, the "Company"), and the proceeds of the notes will be used by the Company for general corporate purposes.
The notes to be offered by NII under the commercial paper program will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy NII's notes under its commercial paper program.