Nabors Prices $700 Million in Debt Offering

Nabors Industries Ltd. NBR today announced that its wholly owned subsidiary, Nabors Industries, Inc., has priced $700 million in Senior Unsecured Notes due 2020, following the private placement offering it announced yesterday. The notes will bear interest at a rate of 5.0 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.564 percent of the face value, bringing the yield to 5.056 percent. The proceeds are intended to be used to fund the previously announced Superior Well Services, Inc. acquisition and for general corporate purposes. The transaction is expected to close on or about September 14, 2010.