Swift Energy receives final approval of $15 million DIP facility

By Mark Reccek

Bethlehem, Pa., Feb. 2 – Swift Energy Co. secured final approval to access $15 million of its debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Cantor Fitzgerald Securities is the administrative agent for the DIP facility.

The facility will mature on the earliest of six months from closing, the effective date of a Chapter 11 plan and the occurrence of other events specified in the credit agreement.

Interest will accrue at Libor plus 1,200 basis points for Eurodollar loans and the alternative base rate plus 1,100 bps for base rate loans.

The financing will be used to provide for ongoing working capital and capital expenditures, as well as other business purposes, a previous court filing said.

Swift Energy is a Houston-based developer, explorer, acquirer and operator of oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana. It filed for bankruptcy on Dec. 31. The Chapter 11 case number is 15-12670.

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