Southwestern offers notes to cover Haynesville purchase
Texas-based natural gas producer Southwestern Energy Co. said December 9 it made a note offering to generate proceeds to help pay for the $1.85bn acquisition of a Haynesville shale natural gas firm.
Southwestern said it offered $1.15bn in 4.75% senior notes due 2032 that will be sold at face value. Closing is expected on December 22.
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The company said it would use the net proceeds to fund the cash portion of the acquisition of GEP Haynesville, announced in November.
Southwestern put down around $1.85bn to acquire GEP in a deal that is expected to close by the end of the year. The Texas-based company said the purchase would put its production at 4.7bn ft3/d equivalent per day, of which 65% is expected in the form of natural gas..