UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 15, 2016
SOUTHWESTERN ENERGY COMPANY
(Exact name of registrant as specified in its charter)
Delaware | 001-08246 | 71-0205415 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
10000 Energy Drive
Spring, Texas 77389
(Address of principal executive office) (Zip Code)
(832) 796-1000
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 8.01 Other Events.
On July 15, 2016, Southwestern Energy Company (the Company) announced additional amendments (the Amendments) with respect to its previously announced offers (the Tender Offers) to purchase for cash up to $750.0 million maximum aggregate purchase price of its 3.30% senior notes due 2018, 7.50% senior notes due 2018 and 4.05% senior notes due 2020.
A copy of the press release describing the Amendments is filed herewith as Exhibit 99.1 and is incorporated herein by reference. Other than the terms and conditions amended thereby, all terms and conditions of the Tender Offers described in the Companys Offer to Purchase, dated June 29, 2016, remain unchanged.
ITEM 9.01 Financial Statements and Exhibits.
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press Release of Southwestern Energy Company, dated July 15, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SOUTHWESTERN ENERGY COMPANY | ||||||||
Dated: July 15, 2016 | By: | /s/ R. Craig Owen | ||||||
Name: | R. Craig Owen | |||||||
Title: | Senior Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press Release of Southwestern Energy Company, dated July 15, 2016. |
Exhibit 99.1
NEWS RELEASE
SOUTHWESTERN ENERGY FURTHER AMENDS TENDER OFFERS
Houston, Texas July 15, 2016...Southwestern Energy Company (NYSE: SWN) (the Company) today announced additional amendments with respect to its previously announced cash tender offers to purchase (as amended, the Amended Tender Offers) its outstanding senior notes listed in the table below (collectively, the Notes) for a maximum aggregate purchase price (excluding accrued interest) of up to $750.0 million (the Aggregate Maximum Purchase Price).
The amendments provide for:
(i) | an increase in the consideration offered per $1,000 principal amount of the Notes as shown in the table below (as increased, with respect to each series of Notes, the Amended Tender Offer Consideration or the Amended Total Consideration); |
(ii) | an extension of the period during which validly tendered (and not validly withdrawn) Notes are eligible to receive the Early Tender Premium as shown in the table below from 5:00 p.m., New York City time, on July 15, 2016 to 5:00 p.m., New York City time, on July 19, 2016 (such date and time, as it may be further extended, the Early Tender Time); and |
(iii) | an extension of the expiration date of the Amended Tender Offers from 12:00 midnight, New York City time, at the end of the day on July 27, 2016 to 12:00 midnight, New York City time, at the end of the day on August 2, 2016 (such date and time, as it may be further extended, the Expiration Date). |
This announcement amends the Companys Offer to Purchase, dated June 29, 2016 (the Offer to Purchase). Other than the amendments described above, all terms and conditions in the Offer to Purchase remain unchanged.
Title of Notes |
CUSIP Number | Aggregate Principal Amount Outstanding (U.S. $) |
Sub-Cap (U.S. $) | Acceptance Priority Level |
Dollars per U.S. $1,000 Principal Amount of Notes | |||||||||||
Aggregate Principal Amount Tendered as of July 14, 2016 (U.S. $) |
Amended Tender Offer Consideration (1) (U.S. $) |
Early Tender Premium (U.S. $) |
Amended Total Consideration1)(2) (U.S. $) | |||||||||||||
3.30% Senior Notes due 2018 | 845467AJ8 | $350,000,000 | N/A | 1 | $84,032,000 | $1,020.00 | $30 | $1,050.00 | ||||||||
7.50% Senior Notes due 2018 | 845467AE9 | $600,000,000 | N/A | 2 | $173,433,000 | $1,057.50 | $30 | $1,087.50 | ||||||||
4.05% Senior Notes due 2020 | 845467AK5 | $850,000,000 | $50,000,000 | 3 | $9,298,000 | $970.00 | $30 | $1,000.00 |
(1) | Does not include accrued interest, which will also be payable to but not including the applicable settlement date. |
(2) | Includes the Early Tender Premium. |
The Company reserves the right, but is under no obligation, at any point following the Early Tender Time and before the Expiration Date, to accept for purchase any Notes validly tendered and not validly withdrawn prior to the Early Tender Time. The early settlement date will be determined at the Companys option and is currently expected to occur on July 20, 2016, subject to all conditions to the Amended Tender Offers having been either satisfied or waived by the Company as of the early settlement date.
Credit Suisse Securities (USA) LLC (Credit Suisse) and Mitsubishi UFJ Securities (USA), Inc. (MUFG) are the Lead Dealer Managers in the Amended Tender Offers. D.F. King & Co., Inc. (D.F. King) has been retained to serve as both the Tender Agent and Information Agent for the Amended Tender Offers. Persons with questions regarding the Amended Tender Offers should contact Credit Suisse at (toll free) (800) 820-1653 or (collect) (212) 538-2147 or MUFG at (toll free) (877) 744-4532 or (collect) (212) 405-7481. Requests for the Offer to Purchase and the amendments thereto should be directed to D.F. King at (toll free) (866) 406-2283 or (collect) (212) 269-5550 or SWN@dfking.com.
This news release shall not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Amended Tender Offers are being made only pursuant to the Offer to Purchase, as amended, and only in such jurisdictions as is permitted under applicable law. In any jurisdiction in which the Amended Tender Offers are required to be made by a licensed broker or dealer, the Amended Tender Offers will be deemed to be made on behalf of the Company by the Dealer Managers, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
Southwestern Energy Company is an independent energy company whose wholly owned subsidiaries are engaged in natural gas and oil exploration, development and production, natural gas gathering and marketing. Additional information on the company can be found on the Internet at http://www.swn.com.
Contact:
Michael Hancock
Director, Investor Relations
(832) 796-7367
michael_hancock@swn.com
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as anticipate, intend, plan, project, estimate, continue, potential, should, could, may, will, objective, guidance, outlook, effort, expect, believe, predict, budget, projection, goal, forecast, target or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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