HAMILTON, Bermuda, Feb. 9, 2023 /PRNewswire/ -- Nabors Industries Ltd. ("Nabors") (NYSE: NBR) announced today that its wholly owned subsidiary, Nabors Industries, Inc. ("NII"), has commenced an offering of $200,000,000 aggregate principal amount of exchangeable senior unsecured notes due 2029 (the "notes"), subject to market and other conditions, through a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The notes will be fully and unconditionally guaranteed by Nabors. Nabors intends to use the net proceeds from the offering to redeem all of its outstanding 9.00% senior priority guaranteed notes due February 2025. Any excess proceeds will be used for general corporate purposes, which may include the repayment of other indebtedness.
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