Swift could ‘retool’ balance sheet, ends year with $1.1 billion debt

By Lisa Kerner

Charlotte, N.C., April 20 – Swift Energy Co. president and chief executive officer Terry Swift said his company is focused on the balance sheet and ways to improve liquidity.

In addition to making progress on cutting costs, Swift said the company has a capital structure that allows it to look at “retooling the balance sheet.”

Swift made his comments on Monday during a presentation at the IPAA Oil and Gas Investor Symposium in New York.

“We are more leveraged than we want to be,” Swift said, noting the company is looking at senior debt versus secured debt and all other options.

Swift’s borrowing base review is May 1, and the CEO expects it to be favorable.

At Dec. 31, Swift had net debt of about $1.1 billion and bank borrowings of $197 million.

Debt included $250 million of 7 1/8% senior notes due 2017, $223 million of 8 7/8% senior notes due 2020 and $405 million of 7 7/8% senior notes due 2022.

Net debt at the end of 2013 totaled about $1.14 billion, according to the company’s presentation.

Swift is a Houston-based oil and gas company.

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