Swift Energy Tanks 6%; Proposes Private Add-On Debt Offering

By MidnightTrader.com Staff,

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Swift Energy Company ( SFY ) is down 5.8% at $19.78 after announcing that it plans to offer in a private offering to eligible purchasers an additional $150 million in aggregate principal amount of its 7 7/8% senior unsecured notes due 2022. These additional notes will be treated as a single class of security with the $250 million of 7 7/8% senior notes due 2022 sold in a private placement on November 30, 2011, and exchanged for registered notes in May 2012. SFY intends to use the net proceeds of the offering to repay outstanding indebtedness on the company's revolving credit facility and for general corporate purposes.

SFY trades in a 52-week range of $14.62 - $35.60. Shares have fallen 9% in the last 12 months.

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This article appears in: Investing Commodities
Referenced Stocks: SFY

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