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Gold/Mining/Energy : Swift Energy (SFY) -- Ignore unavailable to you. Want to Upgrade?

To: FloydP who wrote (1227)	9/27/2000 2:34:07 PM
From: Liatris Spicata	Respond to of 1602

SFY Credit Put On S&P Watch-Positive (filched from today's WSJ) Standard & Poor's Corp. said Wednesday it placed its ratings of Swift Energy Corp. on CreditWatch with positive implications. The ratings agency said the move reflected the potential for improvement in credit quality stemming from two potential events: -Better quantification of the capital requirements of a new field discovery in New Zealand that has the potential to more than double the company's reserve size. During the next two months, the company plans to drill an additional well in New Zealand and will conduct production tests that will better define the Rimu field's size ... -The possibility that Swift's capital structure could be significantly improved as a result of conversion to common equity of its 6.25% $115 million convertible subordinated notes due 2006. The notes have a strike price of $31.534, which compares favorably with the company's stock price of about $40.50. If the notes are converted to common equity, Swift's total debt per barrel of oil equivalent would fall to less than $1.65 from about $3.15 at year-end 1999. Although leverage may rise as a result of the New Zealand development - assuming additional exploration success - conversion of the notes to equity still should provide for a net deleveraging. ...