Swift Energy tenders for 10¼% notes

New York, June 14 - Swift Energy Co. said it has begun a tender offer and consent solicitation to buy for cash any and all of its 10¼% senior subordinated notes due 2009.

The Houston oil and gas exploration and production company is offering $1,055 per $1,000 principal amount for notes tendered by the consent deadline of 5 p.m. ET on June 22.

After that time but before the expiration date of midnight ET on July 12, holders will receive $1,035 per $1,000 principal amount.

In both cases Swift will pay accrued interest up to but excluding the payment date.

Any notes not tendered are expected to be called on Aug. 1 at a price of $1,051.25 per $1,000 principal amount plus accrued interest.

The offer will be funded from Swift's sale of 7 5/8% senior notes due 2011.

Holders cannot tender without giving consents and vice versa.

The offer is subject to various conditions, including the receipt of tenders of a majority of the principal amount of the notes, the company closing on its sale of new 7 5/8% notes and the company receiving the consent of its bank lenders.

Credit Suisse First Boston is dealer manager and solicitation agent (Contact Liability Management Group at 800 820-1653 or call collect 212 538-4807). D.F King & Co., Inc. is the information agent (banks and brokers call collect 212 269-5550, others call 800 290-6431).

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