Swift Announces $250M Notes Offering

Swift Energy Co. plans to offer $250 million of senior notes due 2017 in a public offering. The company has filed a registration statement today with the Securities and Exchange Commission relating to the offering, which is expected to close in early June 2007.

The company plans to use the estimated proceeds of approximately $245.5 million from the offering to redeem all of the company's currently outstanding $200 million of 9.375% senior subordinated notes due 2012, with the remainder to repay bank indebtedness or for general corporate purposes. The company intends to call the outstanding 9.375% notes for redemption upon pricing of the senior notes offering, with the redemption to occur 30 days later.

J.P. Morgan Securities Inc. and Credit Suisse are acting as underwriters and joint book-running managers for the notes offering.


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