Southwestern Energy to price $1.15 billion two-part notes on Monday

By Paul A. Harris

Portland, Ore., Sept. 11 – Southwestern Energy Co. plans to price $1.15 billion of senior notes in two tranches on Monday, according to a market source.

The public offering is coming in tranches of 8.5-year notes, which come with 3.5 years of call protection, and 10-year notes, which come with five years of call protection.

Tranche sizes remain to be determined.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., MUFG, BofA Merrill Lynch, Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.

The Houston-based independent energy company plans to use $327 million of the proceeds pay off its 2015 amended and restated term loan, with remaining proceeds, together with cash on hand, to fund the concurrent tender offers to purchase any and all of its 4.05% senior notes due 2020 and up to $100 million of each of the 4.1% senior notes due 2022 and 4.95% senior notes due 2025.

Southwestern Energy is engaged in natural gas and oil exploration, development and production, natural gas gathering and marketing.

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