HOUSTON, Sept. 25, 2017 /PRNewswire/ -- Southwestern
Energy Company (NYSE: SWN) today announced the completion of its
previously announced public offering (the "Offering") of
$1.15 billion aggregate principal
amount of senior notes, consisting of $650
million aggregate principal amount of 7.500% senior notes
due 2026 (the "2026 Notes") and $500
million aggregate principal amount of its 7.750% senior
notes due 2027 (the "2027 Notes" and, together with the 2026 Notes,
the "Notes"), with net proceeds from the Offering totaling
approximately $1,133 million after
underwriting discounts and offering expenses.
The Notes were sold to the public at a price of 100.000% of
their face value for the 2026 Notes and 100.000% of their face
value for the 2027 Notes.
The proceeds from the Offering were used to repay in full and
terminate the Company's Amended and Restated Term Loan Credit
Agreement with various lenders and Bank of America, N.A., as
administrative agent and lender, and the remaining net proceeds
from the Offering, together with cash on hand, will be used to fund
the Company's previously announced tender offers and consent
solicitation.
J.P. Morgan Securites LLC; Citigroup Global Markets Inc.; MUFG
Securities Americas Inc.; BofA Merrill Lynch; Credit Agricole
Securities (USA) Inc.; Mizuho
Securities USA LLC; RBC Capital
Markets, LLC and Wells Fargo Securities, LLC acted as joint
book-running managers for the Offering. The Offering was made under
an automatic shelf registration statement on Form S-3
(Registration No. 333-208074) filed by the Company with the
Securities and Exchange Commission ("SEC") and only by means of a
prospectus supplement and accompanying prospectus. Prospective
investors should read the prospectus supplement and the
accompanying prospectus included in the registration statement and
other documents the Company has filed with the SEC for more
complete information about the Company and the Offering. Copies of
the prospectus supplement and the accompanying prospectus related
to the Offering are available at no charge by visiting EDGAR on the
SEC Web site at http://www.sec.gov. Alternatively, any underwriter
or any dealer participating in the Offering will arrange to send
you the prospectus and related prospectus supplement if you request
it by contacting:
J.P. Morgan Securities LLC
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11711
1-866-803-9204
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described above, nor
shall there be any sale of, or any solicitation of an offer to buy,
these securities in any state or jurisdiction in which such offer,
solicitation or sale of these securities would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
Southwestern Energy Company is an independent energy company
whose wholly owned subsidiaries are engaged in natural gas and oil
exploration, development and production, natural gas gathering and
marketing. Additional information on the company can be found on
the Internet at http://www.swn.com.
Forward-Looking Statements
This news release includes forward-looking statements as defined
under federal law, including those related to the Company's
offering and the use of proceeds. There can be no assurance that
such expectation or belief will result or be achieved. The
Company's future actions and results can and will be affected by a
variety of risks and other matters including, but not limited to,
changes in commodity prices; changes in expected levels of natural
gas and oil reserves or production; operating hazards, drilling
risks, unsuccessful exploratory activities; limited access to
capital or significantly higher cost of capital related to
illiquidity or uncertainty in the domestic or international
financial markets; international monetary conditions; unexpected
cost increases; potential liability for remedial actions under
existing or future environmental regulations; potential liability
resulting from pending or future litigation; and general domestic
and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to the
Company's business. Other factors that could cause actual results
to differ materially from those described in the forward-looking
statements include other economic, business, competitive and/or
regulatory factors affecting the Company's business generally as
set forth in its filings with the SEC. Unless legally required, the
Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Southwestern Energy Company