Nabors Prices $700 Mln Senior Notes Offering

(RTTNews) - Nabors Industries Ltd. (NBR) said Wednesday that its subsidiary, Nabors Industries, Inc., has priced $700 million in senior unsecured notes, following the private placement offering it announced earlier today.

The notes consist of $350 million aggregate principal amount of 2.35% senior notes due 2016 at an issue price of 99.942% and $350 million aggregate principal amount of 5.10% senior notes due 2023 at an issue price of 99.635%.

The proceeds from the notes are intended to be used, together with cash on hand and borrowings under NII's revolving credit facility, if necessary, to purchase any and all of its outstanding $1.125 billion aggregate principal amount of 9.25% Senior Notes due 2019 that are validly tendered in connection with the NII's tender offer announced today and to pay related fees and expenses.