Southwestern Energy Announces Final Results and Expiration of Cash Tender Offers and Consent Solicitations for Senior Notes - Seite 3

Includes the Early Tender Premium (as defined below).

(3)

In February and June 2016, Moody’s and S&P downgraded certain senior notes of the Company, increasing the interest rates by 175 basis points effective July 2016. As a result of these downgrades, the interest rate increased to 5.80% for the 2020 Notes and to 6.70% for the 2025 Notes. In April and May 2018, S&P and Moody’s upgraded certain senior notes, decreasing the interest rates by 50 basis points effective July 2018. The first coupon payment to the bondholders at the lower interest rate will be paid in January 2019. As a result of these upgrades, the interest rate decreased to 5.30% for the 2020 Notes and to 6.20% for the 2025 Notes. The first coupon payment to the bondholders at the lower interest rate will be paid in January 2019.

(4)

Rounded to the nearest tenth of a percentage point for presentation purposes.

(5)

Not accepted for purchase by the Company.

 

Because the purchase of all Notes validly tendered in the Tender Offers prior to the Early Tender Time would cause the Company to purchase an aggregate principal amount of Notes that would result in an aggregate purchase price, excluding accrued interest, in excess of the Maximum Purchase Price, the Company has accepted for purchase (a) all 2022 Notes and 2020 Notes, (b) only $72,762,000 principal amount of 2025 Notes, and (c) none of the 2026 Notes and 2027 Notes, in each case tendered prior to the Early Tender Time (such amount of Notes, the “Final Tender Amount”). The Company will pay holders of 2025 Notes tendered prior to the Early Tender Time on a pro rata basis according to the proration procedures described in the Offer to Purchase. On the “Final Settlement Date,” which is currently expected to occur on the date hereof, the Company will purchase the Final Tender Amount. Any tendered Notes that are not accepted for purchase will be returned or credited without expense to the holders’ account.