HAMILTON, Bermuda, Sept. 11, 2013 /CNW/ - Nabors Industries Ltd. (NYSE:NBR)
announced today that the 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
expired at 5:00 p.m., Eastern time, on September 11, 2013. If the conditions
to the tender offer are satisfied or waived, NII will accept for purchase and
make payment for all of the notes validly tendered and not validly withdrawn
prior to the expiration of the tender offer, representing a total aggregate
principal amount of approximately $785.4 million, tomorrow, September 12, 2013.
The pricing information for the tender offer was calculated as of 2:00 p.m.,
Eastern time, on September 11, 2013, and is summarized in the table below:
Relevant Tender Consideration
Security Maturity Reference Bloomberg Fixed Reference Offer (for each
Description Date Security Page Spread Yield Yield $1,000
Notes due Treasury
2019 (CUSIP January Note due FIT6 195bps 1.813% 3.763% $1,263.20
Nos. 15, 2019 December
629568AT3 31, 2018
(1) Excludes accrued and unpaid interest.
The detailed methodology for calculating the total consideration for validly
tendered notes is outlined in NII's offer to purchase and related letter of
transmittal, each dated September 4, 2013, which are available from the
information agent as set forth below. In addition to the total consideration,
NII will pay accrued and unpaid interest on the notes purchased from the last
interest payment date up to, but not including, the settlement date in the
amount of $14.65 per $1,000.
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 NII's offer to
purchase and related 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).
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
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
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 firstname.lastname@example.org.
SOURCE Nabors Industries Ltd.
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