Nabors Industries Ltd S-3ASR, filed Apr 5, 2021

Nabors Industries Ltd (NBR)

S-3ASR 2021-04-05

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	NABORS INDUSTRIES, INC. DELAWARE (State or other jurisdiction of organization of incorporation)			NABORS INDUSTRIES LTD. BERMUDA (State or other jurisdiction of organization of incorporation)
	1381 (Primary Standard Industrial Classification Code number)			1381 (Primary Standard Industrial Classification Code number)
	93-0711613 (I.R.S. Employer Identification number)			98-0363970 (I.R.S. Employer Identification number)
	515 WEST GREENS ROAD, SUITE 1200 HOUSTON, TEXAS 77067 TELEPHONE: (281) 874-0035 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)			CROWN HOUSE SECOND FLOOR 4 PAR-LA-VILLE ROAD HAMILTON, HM08 BERMUDA TELEPHONE: (441) 292-1510 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)


Title of Each Class of Securities to be Registered	Amount to be Registered/Proposed Maximum Offering Price per Unit/Proposed Maximum Aggregate Offering Price(1)	Amount of Registration Fee(1)
Debt securities of Nabors Industries, Inc.
Guarantees of Nabors Industries Ltd.(2)
Preferred shares of Nabors Industries Ltd.
Depositary shares of Nabors Industries Ltd.(3)
Common shares of Nabors Industries Ltd.(4)
Share purchase contracts of Nabors Industries Ltd.
Share purchase units of Nabors Industries Ltd.
Warrants of Nabors Industries Ltd.

	Page
About This Prospectus		1
About Nabors Industries Ltd.		3
About Nabors Industries, Inc.		4
Risk Factors		5
Selling Security Holders		6
Use of Proceeds		7
Description of Debt Securities		8
Description of Authorized Share Capital		17
Shareholder Rights Plan		28
Description of Securities Warrants		29
Description of Depositary Shares		30
Description of Share Purchase Contracts and Share Purchase Units		33
Plan of Distribution		34
Where You Can Find More Information		37
Incorporation of Certain Documents by Reference		38
Legal Matters		39
Experts		40

	High (U.S.$)		Low (U.S.$)
2018
First Quarter		422.50		322.0
Second Quarter		430.50		310.0
Third Quarter		336.0		285.0
Fourth Quarter		327.0		94.50
2019
First Quarter		185.0		109.50
Second Quarter		200.50		101.0
Third Quarter		152.0		82.5
Fourth Quarter		144.0		78.0
2020
First Quarter		166.50		16.0
Second Quarter		84.16		10.27
Third Quarter		55.15		23.51
Fourth Quarter		75.44		23.34

Commission registration statement filing fee	$	(1)
Accounting fees and expenses		(2)
Legal fees and expenses		(2)
Printing fees		(2)
Blue Sky fees and expenses		(2)
Trustee fees and expenses		(2)
Miscellaneous		(2)
Total	$	(2)

	Exhibit No.			Document Description
	1.1			Form of Underwriting Agreement (Debt).*
	1.2			Form of Underwriting Agreement (Equity).*
	1.3			Form of Underwriting Agreement (Share Purchase Contracts).*
	1.4			Form of Underwriting Agreement (Share Purchase Units).*
	1.5			Form of Underwriting Agreement (Warrants).*
	3.1			Memorandum of Association of Nabors Industries Ltd. (incorporated by reference to Annex II to the proxy statement/prospectus included in Nabors Industries Ltd.’s Registration Statement on Form S-4 (Registration No. 333-76198) filed with the Commission on May 10, 2002, as amended).
	3.2			Certificate of Deposit of Memorandum of Increase of Share Capital (incorporated by reference to Exhibit 3.1 to Nabors Industries Ltd.’s Form 10-Q (File No. 001-32657) filed with the Commission on May 8, 2020).
	3.3			Amended and Restated Bye-laws of Nabors Industries Ltd. (incorporated by reference to Exhibit 3.2 to Nabors Industries Ltd.’s Form S-8 (File No. 333-212781) filed with the Commission on July 29, 2016, as amended).
	3.4			Certificate of Designations of the 6.00% Mandatory Convertible Preferred Shares, Series A of Nabors Industries Ltd. (incorporated by reference to Exhibit 3.1 to our Form 8-K (File No. 00132657) filed with the SEC on May 14, 2018).
	3.5			Certificate of Designation of Series B Junior Participating Preferred Shares of Nabors Industries Ltd. (incorporated by reference to Exhibit 3.1 to our Form 8-K (File No. 001-32657) filed with the SEC on May 6, 2020).
	3.6			Restated Certificate of Incorporation of Nabors Industries, Inc. (incorporated by reference to Exhibit 3.3 to Nabors Industries, Inc.’s Registration Statement on Form S-4 (Registration No. 333-100492) filed with the Commission on October 11, 2002).
	3.7			Restated By-laws of Nabors Industries, Inc. (incorporated by reference to Exhibit 3.4 to Nabors Industries, Inc.’s Registration Statement on Form S-4 (Registration No. 333-100492) filed with the Commission on October 11, 2002).
	4.1			Form of Senior Indenture of Nabors Industries, Inc.
	4.2			Form of Subordinated Indenture of Nabors Industries, Inc.
	4.3			Form of Senior Debt Security of Nabors Industries, Inc. and Form of Senior Guarantee by Nabors Industries Ltd. (included in Exhibit 4.1).
	4.4			Form of Subordinated Debt Security of Nabors Industries, Inc. and Form of Subordinated Guarantee by Nabors Industries Ltd. (included in Exhibit 4.2).
	4.5			Form of Purchase Contract Agreement relating to Share Purchase Contracts and Share Purchase Units.*
	4.6			Form of Pledge Agreement for Share Purchase Contracts and Share Purchase Units.*
	4.7			Form of Warrant Agreement.*
	5.1			Opinion of Milbank LLP.
	5.2			Opinion of Conyers Dill & Pearman Limited.
	23.1			Consent of Milbank LLP (included in Exhibit 5.1).
	23.2			Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.2).

	Exhibit No.			Document Description
	23.3			Consent of PricewaterhouseCoopers LLP.
	24.1			Powers of Attorney (included in signature pages hereto).
	25.1			Statement of Eligibility on Form T-1, under the Trust Indenture Act of 1939, as amended, of trustee (to be filed prior to any issuance of debt securities as applicable).*
	25.2			Statement of Eligibility on Form T-1, under the Trust Indenture Act of 1939, as amended, of trustee (to be filed prior to any issuance of debt securities as applicable).*

				NABORS INDUSTRIES LTD.
				By: /s/ MARK D. ANDREWS Mark D. Andrews Corporate Secretary

Signature	Title	Date

/s/ ANTHONY G. PETRELLO Anthony G. Petrello	Chairman, President and Chief Executive Officer	April 5, 2021

/s/ WILLIAM RESTREPO William Restrepo	Chief Financial Officer	April 5, 2021

/s/ TANYA S. BEDER Tanya S. Beder	Director	April 5, 2021

/s/ JAMES R. CRANE James R. Crane	Director	April 5, 2021

/s/ JOHN P. KOTTS John P. Kotts	Director	April 5, 2021

/s/ MICHAEL C. LINN Michael C. Linn	Director	April 5, 2021

/s/ ANTHONY R. CHASE Anthony R. Chase	Director	April 5, 2021

/s/ JOHN YEARWOOD John Yearwood	Director	April 5, 2021

				NABORS INDUSTRIES, INC.
				By: /s/ ANTHONY G. PETRELLO Anthony G. Petrello Chief Executive Officer

Trust Indenture Act Section		Indenture Section
310	(a)(1)	6.10
	(a)(2)	6.10
	(a)(3)	N/A
	(a)(4)	N/A
	(a)(5)	6.10
	(b)	6.10
	(c)	N/A
311	(a)	6.11
	(b)	6.11
	(c)	N/A
312	(a)	2.06
	(b)	15.03
	(c)	15.03
313	(a)	6.06
	(b)	6.06
	(c)	6.06
	(d)	6.06
314	(a)	3.03
	(a)(4)	3.04
	(b)	N/A
	(c)(1)	15.04
	(c)(2)	15.04
	(c)(3)	N/A
	(d)	N/A
	(e)	15.05
315	(a)	6.01
	(b)	6.05
	(c)	6.01
	(d)	6.01
	(e)	5.11
316	(a)(last sentence)	2.09
	(a)(1)(A)	5.05
	(a)(1)(B)	5.04
	(a)(2)	N/A
	(b)	5.07
	(c)	N/A
317	(a)(1)	5.08
	(a)(2)	5.09
	(b)	2.05
318	(a)	15.01

Article One
DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.	Definitions	1
Section 1.02.	Other Definitions	5
Section 1.03.	Incorporation by Reference of Trust Indenture Act	5
Section 1.04.	Rules of Construction	5

Article Two
THE SECURITIES

Section 2.01.	Form and Dating	6
Section 2.02.	Amount Unlimited; Issuable in Series	6
Section 2.03.	Execution and Authentication	8
Section 2.04.	Registrar and Paying Agent	9
Section 2.05.	Paying Agent to Hold Money in Trust	10
Section 2.06.	Holder Lists	10
Section 2.07.	Transfer and Exchange	10
Section 2.08.	Replacement Securities	13
Section 2.09.	Outstanding Securities	14
Section 2.10.	Temporary Securities	14
Section 2.11.	Cancellation	14
Section 2.12.	Defaulted Interest	14
Section 2.13.	Persons Deemed Owners	14
Section 2.14.	CUSIP Numbers	15

Article Three
COVENANTS

Section 3.01.	Payment of Securities	15
Section 3.02.	Maintenance of Office or Agency	15
Section 3.03.	SEC Reports; Financial Statements	15
Section 3.04.	Compliance Certificate	16
Section 3.05.	Corporate Existence	16
Section 3.06.	Waiver of Stay, Extension or Usury Laws	16
Section 3.07.	Payment of Additional Amounts	16

	Article Four
	CONSOLIDATION, MERGER AND SALE

Section 4.01.	Limitation on Mergers and Consolidations of the Company	18
Section 4.02.	Limitation on Mergers and Consolidations of any Guarantor	18
Section 4.03.	Successors Substituted	18

	Article Five
	DEFAULTS AND REMEDIES

Section 5.01.	Events of Default	19
Section 5.02.	Acceleration	20
Section 5.03.	Other Remedies	20
Section 5.04.	Waiver of Existing Defaults	21
Section 5.05.	Control by Majority	21
Section 5.06.	Limitations on Suits	21

Section 5.07.	Rights of Holders to Receive Payment	22
Section 5.08.	Collection Suit by Trustee	22
Section 5.09.	Trustee May File Proofs of Claim	22
Section 5.10.	Priorities	22
Section 5.11.	Undertaking for Costs	22

Article Six
TRUSTEE

Section 6.01.	Duties of Trustee	23
Section 6.02.	Rights of Trustee	24
Section 6.03.	Individual Rights of Trustee	24
Section 6.04.	Trustee’s Disclaimer	25
Section 6.05.	Notice of Defaults	25
Section 6.06.	Reports by Trustee to Holders	25
Section 6.07.	Compensation and Indemnity	25
Section 6.08.	Replacement of Trustee	26
Section 6.09.	Successor Trustee by Merger, etc.	26
Section 6.10.	Eligibility; Disqualification	27
Section 6.11.	Preferential Collection of Claims Against Company	27

Article Seven
DISCHARGE OF INDENTURE, DEFEASANCE AND COVENANT DEFEASANCE

Section 7.01.	Satisfaction and Discharge of Indenture	27
Section 7.02.	Legal Defeasance	28
Section 7.03.	Covenant Defeasance	29
Section 7.04.	U.S. Government Obligations	30
Section 7.05.	Application of Trust Money	30
Section 7.06.	Repayment to Company	30
Section 7.07.	Reinstatement	30

Article Eight
SUPPLEMENTAL INDENTURES

Section 8.01.	Without Consent of Holders	30
Section 8.02.	With Consent of Holders	32
Section 8.03.	Compliance with Trust Indenture Act	33
Section 8.04.	Revocation and Effect of Consents	33
Section 8.05.	Notation on or Exchange of Securities	33
Section 8.06.	Trustee to Sign Amendments, etc.	34

Article Nine
GUARANTEES OF SECURITIES

Section 9.01.	Applicability of Article	34
Section 9.02.	Jointly and Severally	34
Section 9.03.	Unconditional Guarantees	34
Section 9.04.	Execution and Delivery of Notation of Guarantees	36

Article Ten
REDEMPTION

Section 10.01.	Applicability of Article	36
Section 10.02.	Notices to Trustee	36
Section 10.03.	Selection of Securities to be Redeemed	36
Section 10.04.	Notices to Holders	36
Section 10.05.	Effect of Notices of Redemption	37
Section 10.06.	Deposit of Redemption Price	37
Section 10.07.	Securities Redeemed in Part	37
Section 10.08.	Optional Redemption	38

Article Eleven
CONVERSION OF SECURITIES

Section 11.01.	Conversion of Securities	38

Article Twelve
SINKING FUNDS

Section 12.01.	Sinking Funds	38

Article Thirteen
REPAYMENT AT OPTION OF HOLDERS

Section 13.01.	Repayment at Option of Holders	38

Article Fourteen
SECURITY

Section 14.01.	Security	38

Article Fifteen
MISCELLANEOUS

Section 15.01.	Trust Indenture Act Controls	38
Section 15.02.	Notices	39
Section 15.03.	Communication by Holders with Other Holders	39
Section 15.04.	Certificate and Opinion as to Conditions Precedent	39
Section 15.05.	Statements Required in Certificate or Opinion	40
Section 15.06.	Rules by Trustee and Agents	40
Section 15.07.	Legal Holidays	40
Section 15.08.	No Recourse Against Others	40
Section 15.09.	Governing Law; Jury Trial Waiver	40
Section 15.10.	Consent to Jurisdiction and Service of Process	40
Section 15.11.	Waiver of Immunity	41
Section 15.12.	Judgment Currency	41
Section 15.13.	No Adverse Interpretation of Other Agreements	41
Section 15.14.	Successors	41
Section 15.15.	Severability	41
Section 15.16.	Counterpart Originals	41
Section 15.17.	U.S.A. Patriot Act	41
Section 15.18.	Force Majeure	42
Section 15.19.	Table of Contents, Headings, etc.	42
EXHIBIT A
Face of Security		A-1

Term		Defined in Section
“Additional Amounts”		Section 3.07
“Authorized Agent”		Section 15.10
“Covenant Defeasance”		Section 7.03
“Event of Default”		Section 5.01
“Guaranteed Securities”		Section 9.03(a)
“Guarantees”		Section 9.03(a)
“Indenture Obligations”		Section 9.03(a)
“Judgment Currency”		Section 15.12
“Notice of Default”		Section 5.01(iii)
“Paying Agent”		Section 2.04
“Registrar”		Section 2.04
“Territory”		Section 3.07

	Company:

	NABORS INDUSTRIES, INC.

	By:
		Name:
		Title:

	Trustee:

	[_____________]

	By:
		Name:
		Title:

	Guarantor, if any:

	By:
		Name:
		Title:

	Guarantor, if any:

	By:
		Name:
		Title:

No.
CUSIP No.		[$]
[ISIN:].
[Common Code:]

	NABORS INDUSTRIES, INC.

	By:

Guarantor:

NABORS INDUSTRIES LTD.

By:
	Name:
	Title:


By:
	Name:
	Title:	]

Date:

Your Signature:
(Sign exactly as your name appears on the face of this Security)

Signature Guarantee:
(Participant in a Recognized Signature Guaranty Medallion Program)

Date of Transaction	Amount of Decrease in Principal Amount of Global Security	Amount of Increase in Principal Amount of Global Security	Principal Amount of Global Security Following Such Decrease (or Increase)	Signature of Authorized Signatory, Trustee


	(Name)


	(Address)
	Please print Name and Address
	(including zip code)

ARTICLE One DEFINITIONS AND INCORPORATION BY REFERENCE

SECTION 1.01.	Definitions	1
SECTION 1.02.	Other Definitions	5
SECTION 1.03.	Incorporation by Reference of Trust Indenture Act	5
SECTION 1.04.	Rules of Construction	6

ARTICLE Two THE SECURITIES

SECTION 2.01.	Form and Dating	6
SECTION 2.02.	Amount Unlimited; Issuable in Series	6
SECTION 2.03.	Execution and Authentication	8
SECTION 2.04.	Registrar and Paying Agent	9
SECTION 2.05.	Paying Agent to Hold Money in Trust	10
SECTION 2.06.	Holder Lists	10
SECTION 2.07.	Transfer and Exchange	10
SECTION 2.08.	Replacement Securities	13
SECTION 2.09.	Outstanding Securities	14
SECTION 2.10.	Temporary Securities	14
SECTION 2.11.	Cancellation	14
SECTION 2.12.	Defaulted Interest	15
SECTION 2.13.	Persons Deemed Owners	15
SECTION 2.14.	CUSIP Numbers	15

ARTICLE Three COVENANTS

SECTION 3.01.	Payment of Securities	15
SECTION 3.02.	Maintenance of Office or Agency	15
SECTION 3.03.	SEC Reports; Financial Statements	16
SECTION 3.04.	Compliance Certificate	16
SECTION 3.05.	Corporate Existence	16
SECTION 3.06.	Waiver of Stay, Extension or Usury Laws	16
SECTION 3.07.	Payment of Additional Amounts	17

ARTICLE Four CONSOLIDATION, MERGER AND SALE

SECTION 4.01.	Limitation on Mergers and Consolidations of the Company	18
SECTION 4.02.	Limitation on Mergers and Consolidations of any Guarantor	18
SECTION 4.03.	Successors Substituted	19

ARTICLE Five DEFAULTS AND REMEDIES

SECTION 5.01.	Events of Default	19
SECTION 5.02.	Acceleration	20
SECTION 5.03.	Other Remedies	21
SECTION 5.04.	Waiver of Existing Defaults	21
SECTION 5.05.	Control by Majority	21
SECTION 5.06.	Limitations on Suits	21
SECTION 5.07.	Rights of Holders to Receive Payment	22

	Company:

	NABORS INDUSTRIES, INC.

	By:
	Name:
	Title:

	Trustee:

	[_____________]

	By:
	Name:
	Title:

	Guarantor, if any:

	By:
	Name:
	Title:

	Guarantor, if any:

	By:
	Name:
	Title:

	Guarantor

	NABORS INDUSTRIES LTD.

	By:

	Name:

	Title:


	By:

	Name:

	Title:


	(Name)

	(Address)
	Please print Name and Address (including zip code)

	CONYERS DILL & PEARMAN LIMITED
	Clarendon House, 2 Church Street
	Hamilton HM 11, Bermuda
	Mail: PO Box HM 666, Hamilton HM CX, Bermuda
	T +1 441 295 1422
	conyers.com