Simpson Thacher Represents JPMorgan as Agent Under Swift Energy Company’s Pre-Petition RBL Facility, and as Sole Lead Arranger and Sole Book Runner for Swift’s Exit Financing
05.09.16
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Simpson Thacher represented JPMorgan Chase Bank, National Association as administrative agent under Swift Energy Company’s (“Swift”) pre-petition reserve based credit facility in Swift’s recently consummated chapter 11 bankruptcy case. Simpson Thacher also represented JPMorgan as sole lead arranger and sole bookrunner in connection with Swift’s $500 million exit facility (the “Exit Credit Agreement”). JPMorgan will act as administrative agent under the Exit Credit Agreement. The exit financing was effectuated through a plan of reorganization confirmed by the United States Bankruptcy Court for the District of Delaware on March 31, 2016 and was consummated upon Swift’s exit from bankruptcy on April 22, 2016.
The Exit Credit Agreement refinanced Swift’s pre-petition reserve based credit facility and provides for a $320 million borrowing base to be used, among other things, to satisfy certain claims against Swift pursuant to the plan of reorganization, fund Swift’s emergence from bankruptcy and provide general working capital.
Swift is an independent oil and gas company engaged in developing, exploring, acquiring and operating oil and gas properties with a primary focus in the Eagle Ford shale of South Texas and, to a lesser extent, the onshore and inland waters of Louisiana.
The Simpson Thacher team included Elisha Graff, Kathrine McLendon and Leah Barnes (Bankruptcy & Restructuring); Matthew Einbinder, Erland Modesto and Zachary Banks (Banking & Credit); Adeeb Fadil and Louise Kruger (Environmental); David Rubinsky and Aimee Adler (ERISA); and Judy Yan and Tanvi Mirani (Tax).