HOUSTON, Dec. 18, 2017 /PRNewswire/ -- Southwestern
Energy Company (NYSE: SWN) today announced that an authorized
committee of its Board of Directors declared a quarterly dividend
of $15.625 per share on its 6.25%
Series B Mandatory Convertible Preferred Stock, payable on
January 16, 2018, to holders of
record on January 1, 2018. This
equates to $0.78125 for each
depositary share, which represents a 1/20th interest in a share of
the Series B preferred stock. The dividend is for the period
beginning on October 15, 2017 and
ending on January 14, 2018. The
company has elected to pay this dividend in cash.
As of 5:00 p.m. New York time on January 12, 2018, each share of the Company's
6.25% Series B Mandatory Convertible Preferred Stock will
automatically convert into 43.4782 common shares, entitling the
holders of depositary shares to receive 2.17391 shares of common
stock per depositary share (subject to adjustment if the volume
weighted average price of the company's common stock is above
$23.00 per share for the period
beginning on December 11, 2017 and
ending on January 9, 2018). The
conversion is expected to result in the issuance of approximately
75.0 million additional shares of common stock. Additional
details on the conversion rate can be found in the Certificate of
Designations (link below).
https://www.sec.gov/Archives/edgar/data/7332/000119312515016320/d854968dex31.htm
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.
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SOURCE Southwestern Energy Company