Swift Energy intends to offer $200 million of senior notes due 2020 in a public offering. The Company has filed a preliminary prospectus supplement today with the Securities and Exchange Commission relating to the offering, which is expected to close later this month.
Swift Energy intends to use the net proceeds from the offering to redeem all of the Company’s 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 ($65.8 million at October 31, 2009). The Company intends 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.
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