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Swift Energy raises note offering to $225M
Swift Energy raises note offering to $225M; proceeds to redeem $150M outstanding notes
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| Symbol | Price | Change |
|---|---|---|
| SFY | 24.98 | +0.46 |
HOUSTON (AP) -- Swift Energy Co. on Wednesday raised the size of its public offering of senior notes to $225 million from $200 million.
The 8.875 percent senior notes are due 2020 and are being sold at a discount of 98.389 percent, bringing the yield to 9.125 percent. The offering is expected to close Nov. 25.
The oil and natural gas producer plans to use net proceeds -- estimated at around $216.4 million -- to redeem all of its outstanding $150 million 7.625 percent senior notes due 2011. Leftover proceeds will go toward paying off debt.
The company said it will redeem the 2011 notes at a price of 101.906 percent of their principal amount, plus accrued and unpaid interest from July 15 to the redemption date. The senior notes due 2011 will be automatically redeemed on Dec. 10 and no further interest will accrue on these notes after that date, the company said.
Shares of Swift Energy rose 21 cents to $25.01.
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