Swift Energy to pay down some revolver debt via common stock proceeds

By Sara Rosenberg

New York, Aug. 3 - Swift Energy Co. plans to repay borrowings under its revolving credit facility using proceeds from the sale of 5 million shares of common stock, according to a 424B3 filed with the Securities and Exchange Commission on Monday.

The company is estimating the receipt of net proceeds of $93.2 million from the offering.

At July 31, the company had $216.3 million of borrowings under the revolver.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties.

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