Swift Energy renews loan, ups size to $400 million, extends maturity to 2008

By Sara Rosenberg

New York, June 29 - Swift Energy Co. renewed its credit facility with its 10-member bank group, increasing the size to $400 million from $300 million and extending the tenor to Oct. 1, 2008 from Oct. 1, 2005.

Banc One Capital Markets Inc. arranged the deal. The syndicate includes Bank One, Bank of Scotland, BNP Paribas, Calyon, Natexis Banques Populaires, Societe Generale, Southwest Bank of Texas, UFJ Bank Ltd., Washington Mutual Bank and Wells Fargo.

Other terms of the credit facility remain largely the same, with the borrowing base set at $250 million and Swift Energy maintaining the commitment amount at $150 million. The commitment amount may be increased up to the full amount of the borrowing base at the company's discretion, a company news release said.

As of Tuesday, there was no outstanding balance drawn against this facility, excluding letters of credit.

"This renewal and extension of our bank credit facility along with the May 1, 2004 reaffirmation of our borrowing base provides a vote of confidence in Swift Energy from our bank group. This facility will continue to provide us with the financial liquidity and flexibility to execute our strategy as we move forward with our business plan," said Terry E. Swift, president and chief executive officer, in the release.

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

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