Swift Energy Co. (SFY), a developer of oil and natural gas properties, said Tuesday that it intends to offer $200 million of senior notes due 2020 in a public offering. The offering is expected to close later this month. Swift Energy has filed a preliminary prospectus supplement today with the Securities and Exchange Commission relating to the offering.
The Houston, Texas-based company intends to use the net proceeds from the offering to redeem its currently outstanding $150 million of 7 5/8 % senior notes due 2011, with the remainder used to repay a portion of the amount outstanding under its bank credit agreement of $65.8 million at October 31, 2009.
The company plans to call its outstanding 7 5/8 % notes for redemption upon pricing of the senior notes offering, with the redemption to occur 30 days later.
J.P. Morgan Securities Inc., Goldman, Sachs & Co., RBC Capital Markets Corporation and Wells Fargo Securities are acting as Joint Book-Running Managers for this notes offering.
Last week, the company said its third-quarter net income plummeted to $7.56 million or $0.21 per share from $62.27 million or $1.96 per share in the year earlier period. Revenues for the quarter fell 55% to $96.26 million from $213.77 million in the comparable period, primarily attributable to lower commodity prices.
SFY closed Monday's regular trade at $24.83, up from the previous close of $23.90, on 509,300 shares.
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