Nabors announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $700 million in Senior Unsecured Notes due 2020, following the private placement offering it announced on September 8. The notes will bear interest at a rate of 5.0 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.564 percent of the face value, bringing the yield to 5.056 percent. The proceeds are intended to be used to fund the previously announced Superior Well Services, Inc. acquisition and for general corporate purposes. The transaction is expected to close on or about September 14, 2010.
The notes will be offered to qualified institutional buyers under Rule 144A and may be offered in offshore transactions pursuant to Regulation S. The notes have not been registered under the Securities Act of 1933, as amended (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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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