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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPANY SUCCESSFULLY COMPLETES CONVERTIBLE SUBORDINATED NOTES OFFERING6 1/4% Subordinated Notes Convertible into Common Stock at a Conversion Price of $34.6875 per ShareHOUSTON, November 21, 1996 - Swift Energy Company (NYSE: SFY) today announced that on November 19, 1996, it had priced its $100 million public offering of 6 1/4% Convertible Subordinated Notes due 2006. The Notes were priced at par and are convertible at anytime after ninety (90) days into Swift common stock at a conversion price of $34.6875 per share. The underwriters for the offering are Salomon Brothers Inc, Oppenheimer & Co., Inc., Prudential Securities Incorporated and Southcoast Capital Corporation. Swift has granted the underwriters a 15% overallotment option to purchase additional Notes during the next thirty (30) days. The Notes will be listed on the New York Stock Exchange under the symbol "SFY 06". Net proceeds from the offering (approximately $96,000,000) will be used to finance the Company's expanding development and exploration programs primarily in Texas, and for general corporate purposes, which may include the acquisition of producing oil and gas properties. Based in Houston, Swift Energy Company is a 17-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's primary focus is development drilling and exploration on its core areas, the AWP Olmos Field located in South Texas and the Texas Austin Chalk trend. The Company has substantially accelerated its drilling activity during the last several years and, during 1996, doubled its undeveloped acreage position in the AWP Olmos Field and the Austin Chalk trend. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:12:09 AM. Copyright © 1994-2008 by Swift Energy Company. |
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