Nabors subsidiary prices $550M senior guaranteed notes at 8.875% due 2031

NABORS INDUSTRIES LTD

NII priced $550M of senior guaranteed notes due Aug 15, 2031 bearing 8.875% annual interest.
Net proceeds of ~$540.7M; expected closing July 22, 2024.
Proceeds plus cash on hand to redeem all $550M of 7.25% senior notes due 2026.
Notes are senior unsecured, rank pari passu with existing 7.50% senior notes due 2028.
Offered under Rule 144A/Reg S; not registered under Securities Act.

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