Nabors Industries Ltd. announced that its wholly-owned subsidiary, Nabors Industries, Inc. (NII), intends to redeem the full $146,000 aggregate outstanding principal amount of its Zero Coupon Senior Exchangeable Notes due 2023 and the full $699,854,000 outstanding aggregate principal amount of its Series B Zero Coupon Senior Exchangeable Notes due 2023.
NII has instructed the trustee for the Notes to issue notices of redemption pursuant to the indenture and supplemental indenture for the Original Notes and the indenture for the Series B Notes stating that it intends to redeem all such Notes on June 15, 2008. The redemption price for the Notes will be equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest thereon to the Redemption Date, if any. Holders who satisfy the requirements of the Notes and the relevant indenture may elect to exchange their Notes for common shares of Nabors at any time prior to 5 p.m., New York City time, on June 13, 2008, at a rate of 28.5306 shares per $1,000 principal amount of the Notes, provided that the principal amount of such Notes will be paid in cash and Nabors and NII may elect, in the circumstance specified in the relevant indenture, to pay the excess, if any, over the principal amount in cash and/or common shares.
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