Swift Energy Said Struggling to Raise Loan for Shoring Up Cash
This article is for subscribers only.
Swift Energy Co. is struggling to find buyers for a $640 million loan that will boost liquidity at the oil and gas explorer amid a renewed plunge in oil prices, according to three people with knowledge of the matter.
Investors are demanding more than the 10.5 percent yield that’s being proposed on the five-year debt, said the people, who asked not to be identified because the information isn’t public. Oil prices have plunged 11 percent since a June 29 deadline for lenders to commit to the financing.