Swift Energy Co. (NYSE: SFY) has initiated a process to obtain a new first-lien term loan. The principal amount of the proposed term loan is expected to be $640 million. The loan would mature five years after the closing, which is anticipated to occur in mid-July, with the term loan fully drawn at closing.
Proceeds of the term loan will be used to repay all outstanding borrowings under the company’s existing revolving credit facility ($263 million outstanding at May 31), to pay fees and expenses, and for general corporate purposes, including capital expenditures.
JP Morgan Securities LLC is acting as lead arranger for the proposed term loan.