Southwestern Energy Completes Offering of Common Stock
August 18 2020 - 4:58PM
Business Wire
Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN)
today announced the completion of its previously announced
underwritten public offering of 63,250,000 shares of its common
stock at a price of $2.50 per share, following the exercise in full
of the underwriters’ option to purchase an additional 8,250,000
shares, with net proceeds from the offering to the company totaling
approximately $152 million after underwriting discounts and
offering expenses.
Southwestern Energy intends to use the net proceeds from the
offering to partially redeem Montage Resource Corporation’s
(“Montage”) issued and outstanding senior notes that Southwestern
Energy will assume upon the closing of its recently announced
merger with Montage (the “Merger”). If the Merger is not
consummated, Southwestern Energy intends to use the net proceeds
for general corporate purposes, including the repayment of
debt.
Citigroup, Goldman Sachs & Co. LLC and J.P. Morgan are
acting as joint book-running managers for the offering. BofA
Securities, BMO Capital Markets, RBC Capital Markets and Wells
Fargo Securities are also serving as joint book-running managers
for the offering.
The offering was made under an effective automatic shelf
registration statement on Form S-3 (Registration No. 333-238633)
filed by Southwestern Energy with the Securities and Exchange
Commission (“SEC”) and only by means of a prospectus supplement and
accompanying base prospectus. Prospective investors should read the
prospectus supplement and the accompanying base prospectus included
in the registration statement and other documents Southwestern
Energy has filed with the SEC for more complete information about
Southwestern Energy and the offering. These documents are available
at no charge by visiting EDGAR on the SEC website at
http://www.sec.gov.
Alternatively, a copy of the prospectus supplement and
accompanying base prospectus relating to these securities may be
obtained, when available, from:
Citigroup c/o Broadridge Financial Solutions 1155 Long Island
Avenue Edgewood, NY 11717 Telephone: 800-831-9146
Goldman Sachs & Co. LLC Attention: Prospectus Department 200
West Street New York, NY 10282 Telephone: 866-471-2526 Facsimile:
212-902-9316 Email: Prospectus-ny@ny.email.gs.com
J.P. Morgan Securities LLC c/o Broadridge Financial Solutions
Attention: Prospectus Department 1155 Long Island Avenue Edgewood,
NY 11717 Telephone: 866-803-9204
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of 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.
About Southwestern Energy
Southwestern Energy Company is an independent energy company
engaged in natural gas, natural gas liquids and oil exploration,
development, production and marketing.
Forward Looking Statements
This news release contains forward-looking statements.
Forward-looking statements relate to future events, including, but
not limited to, anticipated results of operations, business
strategies, other aspects of Southwestern Energy’s operations or
operating results, the proposed offering, the use of proceeds of
the offering and the consummation of the Merger. In many cases you
can identify forward-looking statements by terminology such as
words “believe,” “expect,” “anticipate,” “plan,” “intend,”
“foresee,” “predict,” “budget,” “should,” “would,” “could,”
“attempt,” “appears,” “forecast,” “outlook,” “estimate,”
“continue,” “project,” “projection,” “goal,” “model,” “target,”
“potential,” “may,” “will,” “objective,” “guidance,” “outlook,”
“effort,” “are likely” and other similar expressions. 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;
impact of reduced demand for our products and products made from
them due to governmental and societal actions taken in response to
the COVID-19 pandemic; 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, including the
impact of COVID-19; 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 the company’s filings
with the SEC. 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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version on businesswire.com: https://www.businesswire.com/news/home/20200818005766/en/
Investor Contacts Brittany Raiford Director, Investor
Relations (832) 796-7906 brittany_raiford@swn.com
Bernadette Butler Investor Relations Advisor (832) 796-6079
bernadette_butler@swn.com
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