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Nabors prices $700m of senior notes

Nabors Industries Ltd has announced that its wholly-owned subsidiary Nabors Industries Inc has priced $700 million in senior unsecured notes due in 2021, following the private placement offering it announced earlier yesterday.

The notes will bear interest at a rate of 4.6 percent and will be fully and unconditionally guaranteed by Nabors Industries Ltd. The notes were offered at 99.7 percent of the face value, bringing the yield to 4.7 percent. The proceeds are intended to be used for general corporate purposes, including repayment of debt. The transaction is expected to close on or about August 23, 2011.

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Published August 18, 2011 at 2:00 am (Updated August 18, 2011 at 9:38 am)

Nabors prices $700m of senior notes

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