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

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

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02/29/2012 | 09:32pm CET

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

 
   By Patrick McGee 
   Of  
 

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

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Financials ($)
Sales 2016 2 441 M
EBIT 2016 -416 M
Net income 2016 -2 365 M
Debt 2016 3 766 M
Yield 2016 0,30%
P/E ratio 2016 -
P/E ratio 2017 10,40
EV / Sales 2016 3,30x
EV / Sales 2017 2,48x
Capitalization 4 301 M
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Southwestern Energy Compan Technical Analysis Chart | SWN | US8454671095 | 4-Traders
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Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 40
Average target price 13,4 $
Spread / Average Target 54%
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Managers
NameTitle
William J. Way President, Chief Executive Officer & Director
Catherine A. Kehr Chairman
Joe Alan Stubblefield Senior Vice President-Operations
Robert Craig Owen CFO, Principal Accounting Officer & Senior VP
Gregory D. Kerley Independent Director
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