Swift Energy Prices Public Offering of 5.4MM Shares of Common Stock
Swift Energy has increased the size of its previously announced public offering of shares of its common stock from 5,000,000 shares to 5,400,000 shares, and priced the offering at $18.50 per share. The Company has granted the underwriters an option exercisable for a period of 30 days to purchase up to 810,000 additional shares of common stock to cover any over-allotments.
Closing of the offering is expected to occur on or about August 10, 2009, subject to customary closing conditions. Net proceeds of this offering will be used to pay down borrowings under the Company’s revolving credit facility and to use the funds then made available under that credit facility for general corporate purposes.