Southwestern Energy Prices Offering of $350 Million of Senior Notes
August 18 2020 - 4:59PM
Business Wire
Southwestern Energy Company (“Southwestern Energy”) (NYSE: SWN)
today announced the pricing of its public offering (the “Offering”)
of $350 million aggregate principal amount of 8.375% senior notes
due 2028 (the “Notes”). The Notes will be sold to the public at a
price of 100% of their face value. The expected settlement date for
the Offering is August 27, 2020, subject to the satisfaction of
customary closing conditions.
Southwestern Energy expects to receive net proceeds from the
Offering of approximately $345 million after deducting underwriting
discounts and estimated offering expenses. Southwestern Energy
intends to use the net proceeds from the Offering, together with
the net proceeds received from its recent common stock offering and
borrowings under its credit agreement, to fund a redemption of
Montage Resource Corporation’s (“Montage”) issued and outstanding
Senior Notes (the “Montage Notes”) that it will assume upon the
closing of its recently announced merger with Montage (the
“Merger”).
Citigroup, BofA Securities and Wells Fargo Securities are acting
as representatives of the underwriters and joint book-running
managers for the Offering. The Offering is being made under an
effective automatic shelf registration statement on Form S-3, as
amended (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.
A preliminary prospectus supplement has been filed with the SEC to
which this communication relates. Prospective investors should read
the preliminary 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 base prospectus and the preliminary
prospectus supplement may be obtained, when available, from:
Citigroup c/o Broadridge Financial Solutions 1155 Long Island
Avenue Edgewood, NY 11717 Telephone: 800-831-9146
BofA Securities NC1-004-03-43 200 North College Street, 3rd
floor Charlotte NC 28255-0001 Attention: Prospectus Department
Telephone: 1‐800‐294‐1322 Email:
dg.prospectus_requests@bofa.com
Wells Fargo Securities 550 S. Tryon Street, 5th Floor Charlotte,
NC 28202 Email: IBCMDCMLSHYLeveragedSyndicate@wellsfargo.com Fax:
(704) 410-4874 (with such fax to be confirmed by telephone to (704)
410-4885) Attention: Leveraged Syndicate
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities or the Montage
Notes, 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 the 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, Southwestern Energy
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 Southwestern Energy’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 Southwestern Energy’s business generally as set
forth in Southwestern Energy’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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200818005768/en/
Brittany Raiford Director, Investor Relations (832) 796-7906
brittany_raiford@swn.com
Bernadette Butler Investor Relations Advisor (832) 796-6079
bernadette_butler@swn.com
Southwestern Energy (NYSE:SWN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Southwestern Energy (NYSE:SWN)
Historical Stock Chart
From Apr 2023 to Apr 2024