|
SWIFT ENERGY COMPANY NEWSSWIFT ENERGY TO REDEEM ALL OF ITS 6 1/2% CONVERTIBLE DEBENTURESHOUSTON, July 1, 1996 - Swift Energy Company (NYSE: SFY) announced today that in accordance with the Indenture, it will redeem on August 5, 1996 all of its $28.75 million issue of 6 1/2% Convertible Debentures due 2003. The Debentures which are being called at 104.5% of their face amount plus accrued interest will continue to be convertible into shares of Swift Energy Common Stock at $12.27 per share through August 5, 1996. Unless notice of conversion is received by 5:00 p.m. on August 5, the Debentures will be redeemed. Swift Energy has appointed the Trustee for the Debentures, Bank One, Texas, N. A., as its redemption agent. A. E. Swift, Swift's Chairman and President, stated, "Swift's common shares have risen sharply over the last twelve months closing Friday at $18.00 per share, which we believe reflects the Company's increased reserves and production, improved earnings outlook and success in building long term value for shareholders. Given the current large premium of the Company's Common Stock over the conversion price, we expect all of the Debentures to be converted into common shares. At that point, Swift will increased its public float by approximately 18% and have no long term debt, giving it enhanced financial flexibility for continued growth in the future." Based in Houston, Swift Energy Company is a 16-year old independent oil and gas company engaged primarily in the exploration, development, acquisition and operation of oil and gas properties, with an emphasis on domestic natural gas. Swift has a record of growth that is founded on an ambitious program of disciplined exploration and reserves development, conservative financing, and innovative management. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
|
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
This page was last updated on Monday, January 10, 2005, at 08:11:25 AM. Copyright © 1994-2008 by Swift Energy Company. |
||||||||||||||||||||||||||||
|
|
