Nabors Notes $700MM in Senior Unsecured Notes

Nabors Industries announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $700 million in Senior Unsecured Notes due 2021, following the private placement offering it announced earlier Tuesday. The notes will bear interest at a rate of 4.625 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.654 percent of the face value, bringing the yield to 4.668 percent. The proceeds are intended to be used for general corporate purposes, including repayment of debt. The transaction is expected to close on or about August 23, 2011.