Swift Energy Renews Revolving Credit Facility
|Tuesday, June 29, 2004
Swift Energy has renewed and extended its Revolving Credit Facility with its ten-member bank group, increasing the facility to $400 million from $300 million and extending its expiration to Oct. 1, 2008 from Oct. 1, 2005. The other terms of the credit facility remain largely the same with the borrowing base set at $250 million and Swift Energy maintaining the commitment amount at $150 million. The commitment amount may be increased up to the full amount of the borrowing base at the Company's discretion.
Swift Energy's Credit Facility, arranged by Banc One Capital Markets Inc., was syndicated to a group of banks that includes Bank One, Bank of Scotland, BNP PARIBAS, CALYON, Natexis Banques Populaires, Societe Generale, Southwest Bank of Texas, UFJ Bank Limited, Washington Mutual Bank, FA and Wells Fargo. As of June 29, 2004, the Company had no outstanding balance drawn against this facility, excluding letters of credit.
Commenting on the agreement, Terry E. Swift, president and CEO of Swift Energy Company, said, "This renewal and extension of our bank credit facility along with the May 1, 2004 reaffirmation of our borrowing base provides a vote of confidence in Swift Energy from our bank group. This facility will continue to provide us with the financial liquidity and flexibility to execute our strategy as we move forward with our business plan."