Southwestern Energy (SWN) Announces Pricing of Senior Notes
Southwestern Energy Company SWN announced that it has priced its $1,200,000,000 aggregate principal of senior notes.
The aggregate principal amount has been upsized from $1,000,000,000. The senior notes will carry an interest rate of 5.375% and are likely to mature by 2030. The leading producer of natural gas and natural gas liquids has priced the notes at 100% of their face value. The company added that depending on satisfaction of customary closing conditions, the offering of the notes will likely be closed by Aug 30.
Southwestern Energy is planning to allocate the offerings’ net proceeds to finance its previously-announced tender offers. The proceeds will also get allocated for the redemption of certain series of its senior notes that are outstanding. The company announced that a portion of the net proceeds could also be utilized for repaying borrowings under its Credit Agreement. From the remaining of the net proceeds, if any, the company has decided to earmark the amount for clearing other debt and general corporate activities.
Southwestern Energy Company Price
Southwestern Energy Company price | Southwestern Energy Company Quote
Headquartered in Spring, TX, Southwestern Energy currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Whiting Petroleum Corporation WLL, Continental Resources, Inc. CLR and PDC Energy, Inc. PDCE. All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Continental is expected to witness earnings growth of 256% in 2021.
PDC Energy is likely to see earnings growth of 111.8% in 2021.
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