Southwestern Energy reports actions to 'further strengthen financial resiliency'
Southwestern Energy Company announced several recent financial developments that "reinforce its resiliency and strategic flexibility in a low commodity price environment". New actions include: Borrowing base unchanged in semi-annual redetermination under the $2 billion credit facility with maturity extended one year to 2024; no borrowings outstanding as of September 30, 2019 Repurchased $50 million of senior notes due 2025 to 2027 during the third quarter at an average 13% discount, funded principally by sales of non-core, non-producing assets Leading 5-year maturity window with no significant maturities until 2025 S&P reaffirmed BB credit rating with a stable outlook Additional hedges added during the third quarter, including 186 Bcf and 99 Bcf of natural gas for 2020 and 2021. "Financial strength is a core priority for Southwestern Energy. The Company is strategically advantaged in this low price environment, given our strong balance sheet, liquidity position and debt maturity profile. The recent actions by our bank group and S&P validate this view. Financial resilience, coupled with a premier asset base, outstanding operational execution and lowered cost structure, sets SWN apart as a leading Appalachia producer," said Bill Way, President and Chief Executive Officer of Southwestern Energy.