Swift Energy Co. (OTC: SWTF) said April 19 it was oversubscribed on its amended and restated senior secured credit facility. The borrowing base was increased by 32% to $330 million and the maturity was extended to April 2022.
J.P. Morgan led the facility and was joined by a syndicate of 11 banks, including six new lenders. As of March 31,about $172 million was drawn on the facility.
G. Gleeson Van Riet, CFO, said the facility was raised by $80 million, and it provides significant liquidity for the company's growth strategy. He said the company will likely be able to fund its 2017 capital program from its cash flow. He added that the hedging program was increased--about 75% and 90% of the anticipated natural gas and crude oil production is hedged through swaps and collars at $3.12 and $48.12, respectively, he said.
The borrowing base is subject to semiannual redeterminations with the first one scheduled in fourth-quarter 2017.
About Swift Energy Co. is based in Houston.
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