Swift Energy Co. (SFY) began the process for a new, $640 million first-lien term loan, the company said June 23.
The proposed loan will mature five years after a scheduled mid-July closing, the company said. At closing the loan will probably be fully drawn, Swift added.
Proceeds from the loan will repay outstanding revolving credit facility borrowings, which totaled $263 million on May 31. They will also pay fees and expenses and support general corporate purposes including capex.
The loan is subject to several conditions, the company said.
J.P. Morgan Securities LLC is lead arranger.
Swift Energy Co. is based in Houston and operates in Texas and offshore Louisiana.
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