Finance & Investing | Debt | Fundraising | Capital Markets
Southwestern Looking to Pay Down Debt; Inks $750MM Loan
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Southwestern Energy Company has entered into a $750 million three-year term loan agreement and used its proceeds to pay down balances under its existing credit facility and commercial paper program. The term loan is unsecured and includes an interest rate calculated based upon the Company's credit rating (currently 137.5 basis points over the current London Interbank Offered Rate). The term loan is prepayable at any time and requires prepayment from the net cash proceeds of any issuance of debt or equity securities and sales of assets, with certain exceptions. The other provisions in the term loan are substantially the same as those contained in the existing revolving credit facility.
The Company also filed an automatic shelf Registration Statement ("new shelf") on Form S-3 that will…
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