Swift Energy enters $330 million restated credit facility due 2022

By Wendy Van Sickle

Columbus, Ohio, April 20 – Swift Energy Co. entered a $330 million amended and restated its senior secured credit facility, marking an $80 million increase in availability, the company said in a press release.

J.P. Morgan led the facility and was joined by a syndicate of 11 banks, including six new lenders.

The credit facility was also extended to April 2022.

At March 31, about $172 million was drawn on the facility.

“We anticipate being able to fund our previously announced 2017 capital program from our cash flow and modest additional usage of the revolver, while retaining significant liquidity as our proved reserve base continues to grow,” G. Gleeson Van Riet, Swift Energy chief financial officer, said in the release.

“We have also increased our hedging program and now have approximately 75% and 90% of our anticipated 2017 natural gas and crude oil production hedged with a combination of swaps and collars at an average price of $3.12 and $48.12, respectively."

The borrowing base is subject to semiannual redeterminations. The first is scheduled in the fourth quarter of 2017.

Swift Energy is an oil and gas company based in Houston. It emerged from Chapter 11 bankruptcy in April 2016.

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