Southwestern Energy gets $750 million amended and restated revolver

By Sara Rosenberg

New York, Feb. 12 - Southwestern Energy Co. closed on a $750 million amended and restated revolving credit facility due February 2012, according to an 8-K filed with the Securities and Exchange Commission Monday.

JPMorgan and SunTrust acted as co-lead arrangers and joint bookrunners on the deal, with JPMorgan as administrative agent, SunTrust as syndication agent, and Bank of America, Royal Bank of Canada and Royal Bank of Scotland as co-documentation agents.

There is a $250 million accordion feature.

The revolver replaces the company's previous $500 million unsecured revolver that was due to expire in January 2010.

"This amended credit facility substantially decreases our current borrowing costs under the facility, providing an immediate short-term benefit. Over the long term, it will be an important financing alternative, and provides us with flexibility in executing our planned capital investment program over the next few years," said Greg D. Kerley, executive vice president and chief financial officer, in the filing.

Southwestern Energy is a Houston-based integrated natural gas company.

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