By Paul A. Harris
St. Louis, Mo., April 11 - Swift Energy Co. upsized to $200 million from $150 million its off-the-shelf issue of senior subordinated notes due May 1, 2012 (B3/B) and priced it Thursday at par to yield 9 3/8%.
Price talk was 9½%-9¾%.
Credit Suisse First Boston ran the deal. Co-managers were CIBC World Markets, A.G. Edwards & Sons, Jefferies & Co., JP Morgan, Morgan Stanley, UBS Warburg, Friedman Billings Ramsey, Bank One Capital Markets, BNP Paribas, Credit Lyonnais and Societe Generale.
The Houston-based exploration and production company will use the proceeds to repay bank debt incurred making acquisitions and to fund development activities.
Issuer: Swift Energy Co.
Amount: $200 million (increased from $150 million)
Maturity: May 1, 2012
Type: Senior subordinated notes
Bookrunner: Credit Suisse First Boston
Coupon: 9 3/8%
Price: Par
Yield: 9 3/8%
Spread: 417 basis points over the 4 7/8% Treasury due Feb., 2012
Call features: Callable on May 1, 2007 at 104.688, 103.125, 101.563, par on May 1, 2010 and thereafter
Equity clawback: Until May 1, 2005 for 33 1/3% at 109.375
| Settlement date: | April 16, 2002 (T+3)
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| Ratings: | Moody's: B3
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| Standard & Poor's: B
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| CUSIP: | 870738AD3
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