Southwestern Energy gets new $500 million revolver

By Sara Rosenberg

New York, Jan. 4 - Southwestern Energy Co. closed on a new $500 million five-year unsecured revolving credit facility, according to a company news release.

JPMorgan Securities Inc. and SunTrust Robinson Humphrey were co-lead arrangers and joint bookrunners on the deal.

JP Morgan Chase Bank is the administrative agent, SunTrust Bank acted as syndication agent and Royal Bank of Canada, Royal Bank of Scotland and Fleet National Bank served as co-documentation agents. In addition to the agents, 11 other banks are also lenders under the facility.

The new revolver amends and restates the company's existing $300 million three-year unsecured revolver and replaces a smaller separate unsecured credit facility, both of which would have expired in January 2007.

Borrowings are available for general corporate purposes including the repayment of outstanding debt.

"We are very pleased with the strong support from our existing banks in amending the terms of our credit facility as well as the substantial interest from the new banks that enabled us to increase the size of our facility," said Greg D. Kerley, executive vice president and chief financial officer, in the release.

"Our new credit facility provides us with increased liquidity and the financial flexibility over the next several years to continue to execute our strategy of providing long-term growth in the net asset value of our business."

Southwestern Energy is a Houston-based natural gas company.

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