Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Southwestern Energy Company    SWN

Delayed Quote. Delayed  - 05/26 10:03:13 pm
13.13 USD   --.--%
05/17 SOUTHWESTERN EN : Natural gas firm buys fuel stations
05/04 SOUTHWESTERN EN : Local manufacturers bestowed with excellence award..
05/02DJStatoil Sells Marcellus Assets to EQT for $407 Million
News SummaryMost relevantAll newsSector news 

Southwestern Energy Company : Southwestern Energy Prices $1 Billion In US -Source

share with twitter share with LinkedIn share with facebook
share via e-mail
02/29/2012 | 09:32pm CEST

(Adds deal size and final pricing terms in first two paragraphs, Fitch note in 4th, 5th paragraphs)

   By Patrick McGee 

Southwestern Energy Co. (SWN) sold $1 billion of 10-year notes in the U.S. credit markets Wednesday, according to a person familiar with the matter.

The 4.10% coupon notes were priced to yield 4.115%, or 2.125 percentage points over the Treasury rate.

The Rule 144A private-placement notes are expected to be rated Baa3 by Moody's Investors Service and BBB-minus by Standard & Poor's and Fitch Ratings--the lowest investment-grade ratings.

Fitch said Wednesday the company has a "strong record" of reserve replacement and production growth and low leverage.

"SWN's reserve growth has been through the drill bit as opposed to the checkbook and has averaged greater than 400% over the last three years," Fitch noted. "The focus of the company has been on its home turf, the Fayetteville Shale play, where it has operated for more than a decade and which has a calculated reserve life of approximately 12 years using 2011's production figures. Fayetteville holds approximately 87% of SWN's total proved reserves."

Southwestern intends to use the proceeds to repay some outstanding debt under a credit facility. It may also use proceeds for general working capital, including to fund 2012 capital programs.

A change of control provision will allow investors to redeem the notes at 101 cents on the dollar in case the company is acquired.

Citigroup and J.P. Morgan are leading the sale.

-By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
React to this article
05/20 SOUTHWESTERN ENERGY CO : Change in Directors or Principal Officers, Submission o..
05/17 SOUTHWESTERN ENERGY : Natural gas firm buys fuel stations
05/05 SOUTHWESTERN ENERGY : To Name Catherine A. Kehr Chairman Of The Board
05/04 SOUTHWESTERN ENERGY : Local manufacturers bestowed with excellence awards at ann..
05/02DJStatoil Sells Marcellus Assets to EQT for $407 Million
05/02 S&P 500 MOVERS : Swn, wynn
04/27 SOUTHWESTERN ENERGY : Former Energy Company Employee Pleads Guilty to Embezzling
04/26 SOUTHWESTERN ENERGY : Ex-Texas energy company finance worker guilty of $450K the..
04/26 SOUTHWESTERN ENERGY : First Quarter 2016 Earnings Teleconference Transcript
04/25 SOUTHWESTERN ENERGY : Rig Numbers Continue to Decline in Ohio, Belmont County
News chart
Full-screen chart
Income Statement Evolution
More Financials