Nabors commences senior unsecured notes offering

Nabors Industries Inc. (NII), a wholly owned subsidiary of Nabors Industries Ltd. (NYSE: NBR), has commenced an offering of senior unsecured notes due 2023. The notes will be fully and unconditionally guaranteed by Nabors Industries Ltd.

The proceeds from the sale of the notes are intended to be used to prepay the $162.5 million portion due in 2018 under NII's $325.0 million unsecured term loan and all amounts currently outstanding under NII's unsecured revolving credit facility, which matures in 2020. Any proceeds not used for such purposes will be used for general corporate purposes, including to repay amounts outstanding under NII's commercial paper program and to repurchase or repay other indebtedness of Nabors and its subsidiaries.


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