RESERVES GROWTH THROUGH 
ADVANCED TECHNOLOGIES

                                           1995 ANNUAL REPORT

Notes to Consolidated Financial Statements
Swift Energy Company and Subsidiaries

5. Long-Term Debt

 

The Company's long-term debt consists of $28,750,000 of 6.5% Convertible Subordinated Debentures ("Debentures"). The Debentures were issued on June 30, 1993, and will mature on June 30, 2003. The Debentures are convertible into common stock of the Company by the holders at any time prior to maturity at a conversion price of $12.27 per share, subject to adjustment upon the occurrence of certain events. The conversion price reflects an adjustment of the original conversion price of $13.50 per share to reflect the 10% stock dividend declared September 6, 1994, and distributed September 29, 1994. Interest on the Debentures is payable semi-annually on June 30 and December 31, commencing with the payment made at December 31, 1993. After June 30, 1997 (or in certain circumstances after June 30, 1996), the Debentures are redeemable for cash at the option of the Company, with certain restrictions, at 104.55% of principal, declining to 100.65% in 2002. Upon certain changes in control of the Company, if the price of the Company's common stock is not above certain levels each holder of Debentures will have the right to require the Company to repurchase the Debentures at the principal amount thereof, together with accrued and unpaid interest to the date of repurchase but after the repayment of any Senior Indebtedness, as defined.

Interest expense on the Debentures, including amortization of debt issuance costs, totaled $1,981,639, $1,973,931, and $984,239 for 1995, 1994, and 1993, respectively.

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