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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY COMPLETES OFFERING OF $200 MILLION OF SENIOR SUBORDINATED NOTESHOUSTON, April 12, 2002 - Swift Energy Company (NYSE, PCX: SFY) today announced that it has completed its public offering of $200 million of senior subordinated notes, with a yield of 9.375%, which was increased from the initial offering size of $150 million. The use of proceeds will be to pay down outstanding indebtedness on the Company’s credit facility. The offering is expected to close next Tuesday, April 16, 2002. Terry Swift, President and CEO of Swift Energy Company, noted, “Today’s debt issuance allows us to pay down our credit facility and provides continued financial flexibility to execute our tandem strategy of reserves and production growth through drilling and acquisitions. This long-term debt more effectively matches the recently acquired long-life assets of the Lake Washington Field, the Rimu Production Station and the TAWN properties that were previously financed through our short-term credit facility with our bank group.” The offering was made under the Company’s effective shelf registration statement filed with the Securities and Exchange Commission in 2001 covering the issuance from time to time of up to $350 million of various securities of the Company. The issue was led by Credit Suisse First Boston, with Banc One Capital Markets, Inc., CIBC World Markets, A.G. Edwards & Sons, Inc., Friedman Billings and Ramsey, Jefferies & Company, Inc., JPMorgan, Morgan Stanley and UBS Warburg serving as co-managers of the underwriting syndicate, which offered the senior subordinated notes to the public. Swift Energy Company engages in developing, exploring, acquiring, and operating oil and gas properties, with a focus on onshore oil and natural gas reserves in Texas and Louisiana and onshore oil and natural gas reserves in New Zealand. Founded in 1979 with headquarters in Houston, Texas, the Company has grown its proved oil and gas reserves, production, and cash flow over the last five years through a disciplined program of acquisitions and drilling, while maintaining a strong financial position. This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission.
16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Monday, January 10, 2005, at 08:22:25 AM. Copyright © 1994-2008 by Swift Energy Company. |
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