New Issue: Swift Energy prices $250 million 7 7/8% notes due 2022 to yield 8%

By Paul A. Harris

Portland, Ore., Nov. 15 - Swift Energy Co. priced a $250 million issue of 7 7/8% 10.5-year senior notes (B3/B+/) at 99.156 to yield 8% on Tuesday, according to a market source.

The yield printed at the wide end of the 7¾% to 8% price talk.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBC Capital Markets and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market deal.

The Houston-based oil and gas company plans to use the proceeds for general corporate purposes, including funding of its 2012 capital expenditures.

Issuer:	Swift Energy Co.
Face amount:	$250 million
Proceeds:	$247.89 million
Maturity:	March 1, 2022
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., RBC Capital Markets, Wells Fargo Securities LLC
Coupon:	7 7/8%
Price:	99.156
Yield:	8%
Spread:	595 bps
Call protection:	5.5 years
Trade date:	Nov. 15
Settlement date:	Nov. 30
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	7¾% to 8%
Marketing:	Quick to market

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.