Southwestern Energy amends loan, increasing accordion feature

By Sara Rosenberg

New York, Oct. 17 - Southwestern Energy Co. amended its credit facility, increasing the accordion feature to $500 million from $250 million, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

In connection with the amendment, the company exercised a portion of the new accordion feature, increasing its borrowing capacity by $250 million to $1 billion.

Commitments for the increased borrowing capacity came from the agents, BMO Capital Markets Financing, Inc., Mizuho Corporate Bank, Ltd. and seven of the nine other banks who were existing lenders under the credit facility.

Also under the amendment, the company's subsidiaries were provided with the ability, without limit, to guarantee its debt.

The amendment was completed on Oct. 12.

JPMorgan is the administrative agent on the deal.

Southwestern is a Houston-based explorer and producer of natural gas.

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