Swift Energy (SFY) Announces $200M Senior Note Offering
Swift Energy Company (NYSE: SFY) announced today that it intends to offer $200 million of senior notes due 2020 in a public offering. The Company has filed a preliminary prospectus supplement today with the Securities and Exchange Commission relating to the offering, which is expected to close later this month.
J.P. Morgan Securities Inc., Goldman, Sachs & Co., RBC Capital Markets Corporation and Wells Fargo Securities are acting as Joint Book-Running Managers for this notes offering.
Swift Energy intends to use the net proceeds from the offering to redeem all of the Company's currently outstanding $150 million of 7 5/8 % senior notes due 2011, with the remainder used to repay a portion of the amount outstanding under its bank credit agreement ($65.8 million at October 31, 2009). The Company intends to call its outstanding 7 5/8 % notes for redemption upon pricing of the senior notes offering, with the redemption to occur 30 days later.
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