HAMILTON, Bermuda, Sept. 11, 2013 /PRNewswire/ -- Nabors Industries Ltd. (NYSE:NBR) announced today the total consideration payable in connection with the previously announced tender offer by its wholly owned subsidiary, Nabors Industries, Inc. ("NII"), to purchase for cash any and all of NII's $1.125 billion outstanding aggregate principal amount of 9.25% Senior Notes due 2019, which commenced on September 4, 2013. The tender offer will expire today at 5:00 p.m., Eastern time, unless extended (such date and time, as the same may be extended, the "Expiration Date"). The tender offer is being made solely pursuant to an offer to purchase and related letter of transmittal, each dated September 4, 2013.
The table below sets forth, among other things, the total consideration. The reference yield listed in the table below is based on the bid-side price of the reference security listed in the table below at 2:00 p.m., Eastern time, today, as described in the offer to purchase and letter of transmittal.
Relevant Bloomberg Page
Tender Offer Yield
Total Consideration (for each $1,000 principal amount)1
9.25% Senior Notes due 2019 (CUSIP Nos. 629568AT3 629568AS5)
January 15, 2019
1.375% Treasury Note due December 31, 2018
1 Excludes accrued and unpaid interest
Holders of notes must validly tender and not validly withdraw their notes at or prior to the Expiration Date to be eligible to receive the total consideration. Withdrawal rights for the tender offer will expire today at 5:00 p.m., Eastern time. Holders will also receive accrued and unpaid interest on notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the date NII makes payment in same-day funds for such notes, which date is anticipated to be September 12, 2013.
Only registered holders of notes are entitled to tender notes pursuant to the tender offer. A beneficial owner of notes that are held of record by a custodian bank, broker, dealer, commercial bank, trust company or other nominee must contact the nominee and request that such nominee tender such Notes on the beneficial owner's behalf prior to the Expiration Date in order to receive the total consideration for the notes.
The tender offer is subject to the satisfaction or waiver of certain conditions, as specified in the offer to purchase and letter of transmittal.
NII has retained Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, HSBC Securities (USA) Inc. and Mizuho Securities USA Inc. to serve as the Dealer Managers for the tender offer. Global Bondholder Services Corporation has been retained to serve as the Depositary and Information Agent for the tender offer. Questions regarding the tender offer may be directed to Citi at 390 Greenwich Street, New York, New York, 10013, Attn: Liability Management Group, (800) 558-3745 (toll-free), (212) 723-6106 (collect) or Morgan Stanley at 1585 Broadway, New York, New York, 10036, Attn: Liability Management Group, (800) 624-1808 (toll-free), (212) 761-0858 (collect). Requests for the offer to purchase and letter of transmittal may be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers) or (866) 387-1500 (for all others). NII is making the tender offer only by, and pursuant to, the terms of such offer to purchase and letter of transmittal . None of Nabors, NII, the Dealer Managers or the Depositary and Information Agent make any recommendation as to whether holders should tender or refrain from tendering their Notes. Holders must make their own decision as to whether to tender Notes and, if so, the principal amount of the Notes to tender.
This press release does not constitute an offer to purchase securities or a solicitation of an offer to purchase any securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful.
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 forward-looking statements. Nabors does not undertake to update these forward-looking statements.
For further information regarding Nabors, please contact Dennis A. Smith, Director of Corporate Development & Investor Relations, at 281-775-8038. To request investor materials, contact Nabors' corporate headquarters in Hamilton, Bermuda at 441-292-1510 or via email at [email protected].