Attached files
file | filename |
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8-K - FORM 8-K - SILVERBOW RESOURCES, INC. | h68619e8vk.htm |
EX-1.1 - EX-1.1 - SILVERBOW RESOURCES, INC. | h68619exv1w1.htm |
EX-8.1 - EX-8.1 - SILVERBOW RESOURCES, INC. | h68619exv8w1.htm |
EX-5.1 - EX-5.1 - SILVERBOW RESOURCES, INC. | h68619exv5w1.htm |
Exhibit
99.1
NEWS
FOR IMMEDIATE RELEASE
COMPANY
CONTACT
Paul Vincent
Manager of Investor Relations
(281) 874-2700, (800) 777-2412
Paul Vincent
Manager of Investor Relations
(281) 874-2700, (800) 777-2412
SWIFT ENERGY PRICES $225 MILLION SENIOR NOTES OFFERING AND
CALLS $150 MILLION OF OUTSTANDING SENIOR NOTES DUE 2011
CALLS $150 MILLION OF OUTSTANDING SENIOR NOTES DUE 2011
HOUSTON, November 10, 2009 Swift Energy Company (NYSE: SFY) announced today that it increased the
size of its public offering of Senior Notes due 2020 from $200 million to $225 million, and that it
is calling for redemption all of its outstanding $150 million 7 5/8% Senior Notes due 2011 in
accordance with the terms of those notes.
The new Senior Notes, which carry a coupon rate of 8 7/8%, are being sold at 98.389% of par, which
equates to an effective yield to maturity of 9 1/8%. Interest on the Senior Notes will be payable
on January 15 and July 15 of each year, commencing January 15, 2010, which first interest payment
will consist only of interest from the closing date. The offering is expected to close November
25, 2009, subject to normal closing conditions. The new Senior Notes received ratings of BB- from
Standard & Poors and B3 from Moodys.
The largest portion of the net proceeds of approximately $216.4 million of the new Senior Notes
offering will be used by the Company to redeem all of its outstanding 7 5/8% Senior Notes due 2011
(CUSIP #870738AE1) at a redemption price of 101.906% of their principal amount, plus accrued and
unpaid interest from July 15, 2009 to the redemption date. The Senior Notes due 2011 will be
automatically redeemed on December 10, 2009 and no further interest will accrue on these notes
after that date. A Notice of Redemption is being mailed to all registered holders of the Senior
Notes due 2011.
The remainder of the net proceeds of the new Senior Notes offering will be used to repay the total
amount outstanding on the Companys bank credit agreement.
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. BNP Paribas, Calyon
Securities (USA) Inc., and Societe Generale are serving as Senior Co-Managers
of the underwriting syndicate, while BBVA Securities, Comerica Securities, and Natixis Bleichroeder
LLC. are serving as Co-Managers of the underwriting syndicate. When available, copies of the
preliminary prospectus supplement and accompanying base prospectus relating to the offering may be
obtained by contacting J.P. Morgan Securities Inc. at 270 Park Avenue, 8th Floor, New York, NY
10017, Attention: Syndicate Desk or by calling (800) 245-8812; Goldman, Sachs & Co. at 85 Broad
Street, New York, NY 10004, Attn: Prospectus Department or by calling (866) 471-2526; RBC Capital
more
SWIFT/2
Markets Corporation at Three World Financial Center, 200 Vesey Street, 9th Floor, New York, NY
10281-8098, Attention: High Yield Capital Markets or by calling (212) 618-2205; or Wells Fargo
Securities at 301 South College Street, 6th Floor, Charlotte, NC 28202, Attention: High Yield
Syndicate or by calling (704) 715-7035. Copies of the preliminary prospectus supplement and
accompanying base prospectus will also be available on the Securities and Exchange Commissions
website at www.sec.gov.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities
and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful. Such an offer can only be made by delivery of a prospectus
that has been filed with the Securities and Exchange Commission.
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing,
exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas
reserves onshore in Louisiana and Texas and in the inland waters of Louisiana.
This material includes forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The opinions, forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Certain risks and uncertainties inherent in
the Companys business are set forth in the filings of the Company with the Securities and Exchange
Commission.
16825 Northchase Drive, Suite 400, Houston TX