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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) June 30, 1999
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Nabors Industries, Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
1-9245 93-0711613
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(Commission File Number) (I.R.S. Employer Identification No.)
515 West Greens Road, Suite 1200, Houston, Texas 77067
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(Address of Principal Executive Offices) (Zip Code)
(281) 874-0035
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(Registrant's Telephone Number, Including Area Code)
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(Former Name or Former Address, if Changed Since Last Report)
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 5. OTHER EVENTS.
On June 30, 1999, Nabors Industries, Inc. announced a call for redemption of
its 5% convertible subordinated notes due May 15, 2006. The date fixed for
redemption is July 15, 1999. the redemption price will be $1,035 per $1,000
principal amount of notes (the "Redemption Price"), together with accrued and
unpaid interest from May 15, 1999.
The notes are convertible at the option of the holder into common stock, par
value $.10 per share, of Nabors. The number of shares of common stock issuable
upon conversion is determined by dividing the principal amount of the notes to
be converted by a conversion price of $18.125 per share. Based on the foregoing
formula, each $1,000 in aggregate principal amount of notes is convertible into
55.1724 shares of Nabors common stock. Notes are convertible in whole or in
part in any integral multiple of $1,000. Cash will be paid in lieu of any
fractional share of Nabors common stock issuable upon conversion. No payment of
adjustment will be made for accrued interest on a converted note. The right to
convert the notes called for redemption will terminate on the business day
preceding the redemption date, July 14, 1999.
HSBC Bank USA shall act as trustee and conversion agent with respect to the
notes. Holders of notes will be notified by HSBC Bank USA regarding redemption
and conversion procedures. HSBC Bank USA's address is HSBC Bank USA, Corporate
Trust Operations, 140 Broadway, A Level, New York, NY 10005-1180.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NABORS INDUSTRIES, INC.
(Registrant)
Date: July 1, 1999 By: /s/ ANTHONY G. PETRELLO
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Name: Anthony G. Petrello
Title: President and Chief
Operating Officer
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