HOUSTON, Nov. 29, 2017 /PRNewswire/ -- Southwestern
Energy Company (NYSE: SWN) (the "Company") today announced that, in
connection with its previously announced consent solicitations (the
"Consent Solicitations") with respect to the Company's 4.10% Senior
Notes due 2022 (the "2022 Notes") and 4.95% Senior Notes due 2025
(the "2025 Notes" and, together with the 2022 Notes, the "Notes"),
the Company has received the consents ("Consents") from holders of
at least a majority of the outstanding principal amount of each of
the 2022 Notes and 2025 Notes (the "Requisite Consents"),
respectively, to, among other things, amend certain restrictive
covenants (the "Proposed Amendments") contained in the indentures
governing the 2022 Notes and 2025 notes (each an "Indenture"),
subject to the terms and conditions described in the Consent
Solicitation Statement dated November 21,
2017 (the "Consent Solicitation Statement"). The Consent
Solicitations expired at 5:00 p.m.,
New York City time, on
November 28, 2017 (the "Expiration
Date").
Accordingly, the Company expects to execute a supplemental
indenture with the applicable trustee (each, a "Supplemental
Indenture") to the applicable Indenture, effecting the Proposed
Amendments with respect to each series of Notes. Although a
Supplemental Indenture will become effective immediately upon
execution, the Proposed Amendments will become operative only upon
the payment by the Company of the aggregate cash payment equal to
$5.00 per $1,000 principal amount of Notes (the "Consent
Payment") to D.F. King & Co.,
Inc., as paying agent, on behalf of the holders who delivered valid
and unrevoked Consents to the Proposed Amendments with respect to
the applicable series of Notes on or prior to the Expiration Date.
The Company expects to make the Consent Payment on or around
November 30, 2017. The Company's
obligation to accept and pay holders the Consent Payment for valid
and unrevoked Consents to the Proposed Amendments with respect to
the applicable series of Notes is subject to the terms and
conditions described in the Consent Solicitation Statement.
Citigroup Global Markets Inc. is the Lead Solicitation Agent,
and Credit Agricole Securities (USA) Inc. and MUFG Securities Americas Inc.
are the Solicitation Agents. D.F.
King & Co., Inc. has been retained to serve as the
Information, Tabulation and Paying Agent for the Consent
Solicitations. Persons with questions regarding the Consent
Solicitations should contact Citigroup Global Markets Inc. at (toll
free) (800) 558-3745 or (New York)
(212) 723-6106; Credit Agricole Securities (USA) Inc. at (toll free) (866) 807-6030 or
(collect) (212) 261-7802; or MUFG Securities Americas Inc. at (toll
free) (877) 744-4532 or (collect) (212) 405-7481. Requests for the
Consent Solicitation Statement should be directed to D.F. King & Co., Inc. at (toll free) (866)
406-2283 or by email to swn@dfking.com.
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.
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements relate to future events, the Consent
Solicitations and anticipated results of operations, business
strategies, and other aspects of our operations or operating
results. In many cases you can identify forward-looking statements
by terminology such as "anticipate," "intend," "plan," "project,"
"estimate," "continue," "potential," "should," "could," "may,"
"will," "objective," "guidance," "outlook," "effort," "expect,"
"believe," "predict," "budget," "projection," "goal," "forecast,"
"target" or similar words. Statements may be forward looking even
in the absence of these particular words. Where, in any
forward-looking statement, the company expresses an expectation or
belief as to future results, such expectation or belief is
expressed in good faith and believed to have a reasonable basis.
However, there can be no assurance that such expectation or belief
will result or be achieved. The actual results of operations 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
our 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 our business generally as set forth in
our filings with the Securities and Exchange Commission. Unless
legally required, Southwestern Energy 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