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Prospect News home > News index > List of issuers Tenders > Headlines for 2021 > News item
Published on 12/30/2021 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Southwestern Energy extends tender offer by one full day

Chicago, Dec. 30 – Southwestern Energy Co. announced that it extended its tender offer by one day, pushing back the expiration time to 5 p.m. ET on Dec. 30 from 5 p.m. ET on Dec. 29, according to a press release.

As of 5 p.m. ET on Dec. 29, the company received tenders for $401,547,000 of the $689,454,000 outstanding 4.95% senior notes due 2025 (Cusip: 845467AL3).

When the offer started it included the company’s 7¾% senior notes due 2027 (Cusip: 845467AN9).

The company is not accepting any of the $309,681,000 tendered notes from the $440,007,000 of 2027 notes.

The tender offer for the 2025 notes is capped at $300 million.

As a result, Southwestern Energy will accept the notes, including the notes tendered by the early deadline, on a prorated basis.

Southwestern Energy is paying $1,105 per $1,000 note.

The company would have paid $1,090 per $1,000 note in the offer for the 2027 notes.

Noteholders who tendered by the early deadline are receiving an early tender premium, included in the total consideration, of $30 per note.

Noted in the press release, due to a ratings downgrade by S&P Global Ratings, the actual coupon currently on the 2025 notes is 6.2%, which coupon would decrease to 5.95% after January if an upgrade for which the company is on watch from S&P is received.

RBC Capital Markets, LLC (877 381-2099 or 212 618-7843) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756) are the lead dealer managers.

BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. are co-dealer managers.

Global Bondholder Services Corp. (866 807-2200 or contact@gbsc-usa.com) is the tender agent and information agent.

Southwestern Energy is a Houston-based natural gas and oil company.


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