Nabors Announces Expiration Of Tender Offer

CNW Group

HAMILTON, Bermuda , Sept. 11, 2013 /CNW/ - Nabors Industries Ltd. (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or waived, NII will accept for purchase and make payment for all of the notes validly tendered and not validly withdrawn prior to the expiration of the tender offer, representing a total aggregate principal amount of approximately $785.4 million , tomorrow, September 12, 2013 .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:

Security Description

Maturity Date

Reference Security

Relevant Bloomberg Page

Fixed Spread

Reference Yield

Tender Offer Yield

Total Consideration (for each $1,000 principal amount)(1)

9.25% Senior Notes due 2019 (CUSIP Nos. 629568AT3

629568AS5)

January 15, 2019

1.375% Treasury Note due December 31, 2018

FIT6

195bps

1.813%

3.763%

$1,263.20


(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 is unlawful.

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 statements.

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 mark.andrews@nabors.com.

SOURCE Nabors Industries Ltd.

Contact:

http://nabors.com

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