Southwestern Energy to pay down term loan with acreage sale proceeds

By Wendy Van Sickle

Columbus, Ohio, June 9 – Southwestern Energy Co. plans to reduce the principal balance of its $750 million term loan due in November 2018 with proceeds of a $450 million sale of acreage in West Virginia, according to a press release.

The company entered into a definitive agreement with Antero Resources Corp. to sell about 55,000 acres in Doddridge, Harrison, Marion, Monongalia, Pleasants, Ritchie, Tyler and Wetzel Counties that are currently producing from the Marcellus Shale.

The sale is expected to close in the third quarter of 2016.

“This transaction is one step on delivering on the commitment we made to strengthen our balance sheet in 2016,” Bill Way, president and chief executive officer of Southwestern Energy, said in the press release.

Southwestern Energy is a Houston-based independent natural gas and oil company.

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