Swift amends revolver, revising borrowing base, pricing and maturity

By Sara Rosenberg

New York, May 16 - Swift Energy Co. amended its revolving credit facility, increasing the borrowing base to $400 million from $300 million, reducing pricing and extending the maturity by about eight months to May 12, 2016, according to a news release.

Pricing on the amended revolver can range from Libor plus 150 basis points to 250 bps. The 50 bps unused fee was left unchanged.

Despite the borrowing base increase, the company elected to retain the existing $300 million commitment amount.

At May 12, there were no borrowings drawn under the revolver, excluding letters of credit.

J.P. Morgan Securities LLC is the lead bank on the deal.

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

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