Swift Energy Company announced that it has initiated a process to obtain a new first-lien term loan (the “Proposed Term Loan”). The principal amount of the Proposed Term Loan is expected to be $640 million. The loan would mature five years after the closing, which is anticipated to occur in mid-July. The Company expects that the Proposed Term Loan would be fully drawn at closing.

It is expected that proceeds of the Proposed Term Loan will be used to repay all outstanding borrowings under the company’s existing revolving credit facility ($263 million outstanding at May 31, 2015), to pay fees and expenses, and for general corporate purposes, including capital expenditures.

The Proposed Term Loan is subject to, among other things, successful syndication, negotiation, execution and delivery of definitive loan documentation, and various customary closing conditions. The terms of the Proposed Term Loan could differ materially from those described above. No assurance can be given that the Proposed Term Loan will be consummated.

J.P. Morgan Securities LLC is acting as lead arranger for the Proposed Term Loan.

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.