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OXNARD, Calif.–(BUSINESS WIRE)–SunEdison and Procter & Gamble (NYSE: PG) celebrated today the activation of a 1.1 megawatt (MW) photovoltaic solar system at Proctor & Gamble’s paper products manufacturing plant in Oxnard, California. The event was attended by Mayor Tom Holden of Oxnard; Senator Fran Pavley of the 23rd District; Karen Kukurin, Deputy Director, Community Liaison Office of Governor Arnold Schwarzenegger; and a representative from the office of Congresswoman Lois Capps of the 23rd District. Also attending were executives from Procter & Gamble and SunEdison, the solar services provider that financed, built and will maintain the solar energy system.
The roof-mounted photovoltaic solar energy system is projected to produce more than 1.9 million kilowatt hours (kWh) of clean solar energy during its first year of operation. Over 20 years, the system is estimated to produce more than 34 million kWh, enough energy to power 3,267 average U.S. homes for a year.
According to Vera Ingenhuett, plant manager of the P&G Oxnard facility, “Activating this solar energy system is a milestone in meeting our goals for sustainability. P&G recently doubled the corporation’s 2012 per-unit reduction targets for greenhouse gas emissions, waste generation and water and energy consumption, and solar energy is a major component of our energy strategy. For our Oxnard project, SunEdison’s SPSA business model allowed us to move from construction to activation in two-and-a-half months.”
Brian Jacolick, SunEdison’s General Manager, Americas, said, “P&G continues to be a model for corporate energy responsibility. Activation of this zero-emissions system in Oxnard means that, over 20 years, an estimated 36.9 million pounds of carbon dioxide that would have been emitted during the production of electricity from fossil fuels will be removed. This is the equivalent of taking 3,620 cars off the road for one year.”
Carlos Domenech, President of SunEdison, commented, “We are delighted and honored to enable P&G to achieve its environmental and energy goals. This is the type of leadership needed to inspire others to take an active role protecting the environment, managing energy, and creating jobs in their communities. We are delighted to be part of this project.”
The 20-year solar power services agreement (SPSA) with SunEdison required no upfront capital from P&G. Electricity from SunEdison will be purchased by P&G at long-term, predictably priced rates.
About Procter & Gamble (NYSE:PG)
Three billion times a day, P&G brands touch the lives of people around the world. The company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Actonel®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun®, and Fusion®. The P&G community includes approximately 135,000 employees working in about 80 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.
About SunEdison
Sun Edison LLC is North America’s largest solar energy services provider and operates across the global marketplace. SunEdison provides solar-generated energy at or below current retail utility rates to a broad and diverse client base of commercial, municipal and utility customers. For more information about SunEdison, please visit www.sunedison.com
BOSTON–(BUSINESS WIRE)–The Strategy Analytics RF & Wireless Component market research service predicts that the market for power amplifiers (PAs) in cellphones and related mobile devices will grow to $2.8 billion over the next five years, in the report, “Cellular PA Forecast 2009 – 2014.”
Demand for cellular PAs declined in the first half of ’09 with a slowdown in handset shipments; however, cellular will continue to spread beyond conventional handsets into notebook and netbook computers, and machine-to-machine systems such as automatic meter readers. At the same time, the number of bands used by the typical cellular terminal will continue to increase. Together, these trends promise continued growth in shipments of cellular terminals and PAs, even as the conventional cellphone market matures and growth slows.
“We estimate that the PA market will reach almost 4 billion units per year in 2014, even as dual-mode PAs begin to reduce the power amplifier count per cellular terminal,” said Chris Taylor, Director of the RF & Wireless Components market research service.
Asif Anwar, Director of the Gallium Arsenide and Compound Semiconductor market research service, added, “Shipments of CMOS PAs will increase over the next five years, but GaAs-based PA modules will continue to dominate the market as cellular moves beyond W-CDMA to LTE.”
This report covers historical and projected shipments by power amp air interface (CDMA, GSM / GPRS, EDGE, W-CDMA variants), primary process technology (GaAs, LDMOS, CMOS, SiGe-BiCMOS) and module type (basic module, PA-duplexer, PA-switch).
About Strategy Analytics
Strategy Analytics, Inc. provides timely and actionable market intelligence focused on opportunities and disruptive forces in the areas of Automotive Electronics and Entertainment, Broadband Connected Home, Mobile & Wireless, Intelligent Systems and Virtual Worlds. With headquarters in Boston, MA and offices in the UK, France, Germany, Japan, S. Korea and China, Strategy Analytics works with clients through annual multi-client services, management team workshops and custom consulting engagements. For more information, please visit http://www.strategyanalytics.com.
BOULDER, Colo.–(BUSINESS WIRE)–As part of a U.S. Department of Energy (DOE) initiative to drive new levels of performance in wind turbine technology, which will help ensure further U.S. wind industry growth, a GE (NYSE: GE) 1.5-megawatt wind turbine today was commissioned at the National Wind Technology Center (NWTC) in Boulder, Colo.
Building off the experience of the country’s largest installed turbine base, the GE 1.5 megawatt machine will serve as a platform for research projects aimed at improving the performance of wind turbine technology and lowering the costs of wind energy. The machine will undergo a series of tests and experiments over the next several years, which will produce data to be used by researchers working with the wind industry to increase wind turbine performance and reliability.
“This turbine provides the foundation for long-term collaborative research with our DOE, university, and industry partners,” said Fort Felker, director at the NWTC.
Key areas of research will include power performance testing, gathering and analyzing turbine loading data, designing advanced turbine controls, developing advanced turbine components and studying wind farm performance data.
“We are impressed with the DOE’s leadership in the renewable energy space and we’re excited that our 1.5-megawatt wind turbine has been selected to participate in this important research and development program,” said Victor Abate, vice president-renewables for GE Power & Water. “Finding ways to improve wind turbine reliability and wind forecasting methods will ensure the continued expansion of the wind industry, resulting in economic growth and jobs.”
The workhorse of GE’s wind turbine fleet, the 1.5-megawatt machine is the most widely deployed wind turbine in the world, with more than 12,000 units now installed. It has been the top selling wind turbine in the United States for six straight years, according to the American Wind Energy Association.
The 1.5-megawatt wind turbine will allow the NWTC to conduct research on a utility-scale machine. Previously, only smaller wind turbines have been installed at the center. The NWTC is managed by the National Renewable Energy Laboratory (NREL) for the DOE. GE has been working with NREL and the DOE on wind projects since the company entered the wind business in 2001. In addition to supporting research activities, the turbine will generate power for facilities at the NWTC and also will feed electricity back into the local grid.
Advancing the state of wind turbine technology is a key to meeting the DOE’s goal of generating 20% of the nation’s electricity from clean wind resources by the year 2030. To make wind energy fully cost competitive and increase wind energy development, researchers at the NWTC are working in partnership with industry to develop larger, more efficient, utility-scale wind turbines.
In addition to supporting technology programs such as the DOE initiative, GE continues to work with Congress to further strengthen the renewable electricity standard (RES) and create new American manufacturing jobs, Abate noted. “We urgently need a strong RES to remain competitive with Europe and China, both of which have strong and binding renewable energy commitments, in the race to secure those jobs,” he said.
About GE
GE is a diversified global infrastructure, finance and media company that’s built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
GE serves the Energy sector by developing and deploying technology that helps make efficient use of natural resources. With 60,000 global employees and 2008 revenues of $38.6 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy – GE Power & Water, GE Energy Services and GE Oil & Gas – work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
For more information, visit the company’s Web site at www.ge.com. GE is imagination at work.
SAN DIEGO–(BUSINESS WIRE)–Green Star Alternative Energy, Inc. (Pink Sheets: GSAE) (“GSAE” or the “Company”) (http://www.greenstarae.com) is pleased to announce that the Company is negotiating to purchase Notos d.o.o. Notos, a privately held company, is currently a joint venture partner with Green Star on several wind energy projects in the Republic of Serbia. Management expects the acquisition to be completed with the issuance of between five and ten million restricted shares, and believes that this merger will strengthen the Company’s industry position and increase shareholder value.
Notos d.o.o. specializes in the creation of electricity from wind energy. With the Belo Blato project currently being scheduled for development and an extensive portfolio of wind resources, Notos is an important participant and pioneer in the Serbian renewable energy sector.
Jesse De Castro, CFO of Green Star Alternative Energy, stated: “The Company has considered various options for growth and expansion; acquiring Notos provides Green Star with a genuine presence in the lucrative European energy market, and complete ownership of its current and future assets.”
About GSAE
Green Star Alternative Energy is an environmentally conscious, renewable energy company working to develop more than 300 MW (megawatts) of clean electricity through wind energy. The corporate revenue model is two-fold: the use of a renewable resource allows not only for the creation of environmentally friendly energy, but the granting of carbon (greenhouse gas) emission credits which may be traded and sold. Green Star is pursuing a significant opportunity to provide clean energy to the growing Republic of Serbia and neighbouring European countries. GSAE is focused on green technology and sustainable energy programs like wind turbines, hydro electric power generation, and other renewable electricity models.
FORWARD-LOOKING STATEMENTS
This press release contains ‘forward-looking statements’. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as ‘believes,’ ‘expects,’ ‘may,’ ‘will,’ ’should,’ or ‘anticipates,’ ‘estimates,’ or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company’s plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding mineral reserves, success of mining plans, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.
At Six Megawatts, the Aerojet Project Will Be the Largest Single-Site Industrial Installation in California and One of the Largest in the U.S.
SACRAMENTO, Calif. & ROSEVILLE, Calif.–(BUSINESS WIRE)–Aerojet, a GenCorp (NYSE:GY) company and Solar Power, Inc. (“SPI”)(OTCBB:SOPW), announced jointly today that the companies have entered into agreement to add an additional 2.4 megawatts to the single-axis tracker photovoltaic solar system currently installed at Aerojet’s Sacramento, California site. Construction of the 3.6 megawatt solar system at Aerojet’s facility was initiated in June of 2009. By expanding the system to six megawatts, the installation will be the largest single-site industrial location in California and one of the largest in the country. The site is located within the Sacramento Municipal Utility District (SMUD).
The announcement of an additional 2.4 megawatts was made during today’s dedication event and press conference hosted by Aerojet, SPI and SMUD. The event was held at the same location where California Governor Arnold Schwarzenegger signed an executive order on Sept. 15, 2009 calling for 33 percent of energy consumed in California to come from renewable resources by the year 2020. Heralding the expansion of the solar array, Governor Schwarzenegger said, “The addition of this large-scale solar project is further evidence that reliable, renewable and pollution-free technology is here to stay. And this project is great news for California because it will help us meet our ambitious renewable energy and environmental goals, lead to more homes and businesses powered by sunshine and create new jobs in the clean-tech industry.”
“We like to say ‘At Aerojet, it really is rocket science,” said Scott Neish, president of Aerojet. “For sixty years, energy management has been at the root of our aerospace operations, and our venture into broader energy management programs demonstrates the real commitment Aerojet is making towards operating in a more sustainable fashion and reducing our company’s carbon footprint. This solar partnership is a concrete example of this commitment.”
The solar array at Aerojet is a ground-mounted system utilizing a single-axis tracking system that follows the sun’s course throughout the day to maximize electricity production. The additional array will utilize 11,712 SPI 205 watt modules mounted atop eight tracking arrays. When completed, the entire six megawatt system will cover more than 40 acres of the Aerojet site and utilize 22 tracking arrays and 29,344 SPI 205 watt photovoltaic modules. Based on its performance characteristics, the SPI 205 watt module is currently the number one ranked PV solar module in its class with the California Energy Commission.
“Prior to this addition, the Aerojet project was already one of the largest system installations in the U.S. this year, and the foundational portion of our growing portfolio and pipeline of multi-megawatt projects. With a 40 percent increase in the size of the system, the Aerojet site is now host to the largest single-site industrial installation in California,” said SPI’s CEO & Chairman, Steve Kircher. “Aerojet is a wonderful company to work with and we are very happy about the addition to the system. It speaks volumes about our ability to install a superior solution on-time, on-target and on-budget,” Mr. Kircher concluded.
Installation of the 2.4 megawatt system addition is expected to be completed in April 2010. SMUD is scheduled to interconnect the system to the power grid at that time. “SMUD is very proud to be a partner in this project,” said John DiStasio, SMUD General Manager and CEO. “We have a long solar heritage dating back to the early 1980s when we built the solar PV plant which is now the oldest megawatt-scale photovoltaic power plant continuously operating in North America. The Aerojet solar project is a huge benefit in terms of improving the environment of our community and the region as well as being a valuable part of increasing the stability and reliability of the SMUD electrical grid.”
During its first year of use, the Aerojet system will offset 6,003 tons of carbon dioxide, 23.8 tons of sulfur dioxide and approximately 9.3 tons of nitrogen oxide that would have otherwise been produced using fossil fuel power production. The first-year net clean energy benefits equate to offsetting 11,825,814 automobile miles driven or the clean air benefits realized from planting 1,396,423 trees. With a system life expectancy of 25 years, the cumulative life-cycle environmental offsets for a system of this scope are significant.
About Solar Power, Inc.:
Founded in 2005, Solar Power, Inc. is a vertically integrated solar energy solution provider offering the North American commercial and public sector building markets a complete solution through a single brand. Throughout Europe, Asia and Australia the Company sells its products direct to distributors and turnkey solutions providers. The Company’s Yes! Solar, Inc. subsidiary provides the U.S. small- to mid-sized business and residential market segments with turnkey PV solar systems through a growing dealer network. Solar Power, Inc. operates from its Roseville, California headquarters.
Safe Harbor Statement:
This release contains certain “forward-looking statements” relating to the business of Solar Power, Inc., its subsidiaries and the solar industry, which can be identified by the use of forward looking terminology such as “believes, expects” or similar expressions. The forward looking statements contained in this press release include statements regarding the Company’s ability to execute its growth plan and meet revenue and sales estimates, enter into formal long-term supply agreements, and market acceptance of products and services. These statements involve known and unknown risks and uncertainties, including, but are not limited to, general business conditions, managing growth, and political and other business risk. All forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
About Aerojet:
Aerojet is a world-recognized aerospace and defense leader principally serving the missile and space propulsion, defense and armaments markets. GenCorp is a leading technology-based manufacturer of aerospace and defense products and systems with a real estate segment that includes activities related to the entitlement, sale, and leasing of the company’s excess real estate assets. Additional information about Aerojet and GenCorp can be obtained by visiting the companies’ Web sites at http://www.Aerojet.com and http://www.GenCorp.com.
GenCorp Safe Harbor Statement:
This press release contains forward-looking statements based on current management expectations. Numerous factors, including those related to market conditions and those detailed from time to time in GenCorp’s filings with the Securities and Exchange Commission, may cause results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine GenCorp’s future results are beyond the ability of GenCorp to control or predict. These statements are subject to risks and uncertainties and, therefore, actual results may differ materially. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. GenCorp undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About SMUD:
As the nation’s sixth largest publicly owned utility, SMUD has been providing low-cost, reliable electricity for more than 60 years to Sacramento County (and a small portion of Placer County). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. For more information visit us at smud.org.
DUBLIN–(BUSINESS WIRE)–Research and Markets has announced the addition of the “Photovoltaic Inverter Trends” report to their offering.
The PV inverter business is following general PV market trends: the latter being driven by financial support provided by governments and development of well-established companies.
Yole Dévelopment has estimated the 2008 PV inverter market at a bit more than euro2.5 billion, mainly driven by the Spanish solar farm segment and German market. We do not expect the 2009 PV inverter business to surpass this level. Effectively, 2009 has faced the crisis and seen Spain cut its subsidies. On the other hand, 2009 has also seen the birth of more countries ready to encourage PV as a new source of energy, meaning very interesting feed-in tariffs and loans. In addition, a new era of standardization in the residential segment of the PV inverter business has begun.
Newest PV inverter developments have shown interesting results at different levels:
- evolution of key characteristics (efficiency, cost, reliability)
- use of new materials (SiC, GaN)
- adoption of disruptive technologies like micro-inverters, all those parameters imply an important variety of players? strategy.
The latest advancements are having and will have consequent impacts on PV inverters themselves and on the environment into which they evolve: demand from large installations induces an increase of inverter size and centralization, and new inverter solutions support atypical plant topologies. Besides this centralization trend and the objective to provide bigger inverters, micro-inverters appear as an alternative solution, challenging every well-established characteristic of classical inverter industry solutions. The recent acquisition of OKE by SMA is a revealing fact of micro-inverters introduction on the market. It has subsequently a significant impact on classical PV inverter business, industry and players.
Nevertheless, the early stage of production adoption of supports Yole Développement estimation which says that micro-inverter technology will stay below 1% of 2009 market.
The technological breakthrough and the large opportunity that PV inverter market represents have a serious impact on players behavior: most of them who considered the inverter as a final product, now see an interest in capturing more value through integration of new functionality focused on the return on investment of the entire installation: Monitoring, Electrical protection, Services like on-site maintenance, warranty?
Vertical integration of the PV supply chain keeps on evolving and companies are working together on common objectives for an accurate and complete offer.
WHO SHOULD BUY THIS REPORT
- Inverter manufacturers
- Panel manufacturers
- Integrators
- Start-ups involved in PV inverter business
- Companies involved in inverter business and looking to enter PV inverter business
- Financial and strategic investors
This report presents the existing PV inverter solutions with the evolution of the main parameters:
- size,
- efficiency,
- cost and reliability
The reader will be able to understand the main technical challenges, current solutions and future trends regarding those parameters.
This report also includes an important topic, which has only recently appeared as a key point for PV inverter business: the evolution of its environment.
PV plants can have highly diversified structures due to:
- local configuration,
- shadows,
- distance between buildings,
- available area,
- size of the installation?
Thus, one of the objectives of this report is to understand the trends for those architectures, and see their impact on PV inverter systems and on strategy of the suppliers active in this arena.
Inverter market forecasts presented following our segmentation: residential; industrial; commercial; and, solar farms ? are analyzed taking into account the 2009 crisis and impact on PV industry.
The report also includes a review of the main players:
- 5 profiles of different company strategies in the PV inverter industry
- Analysis of the vertical integration of PV industry
- Market share of main players
Key Topics Covered:
Glossary
How is This Report Built?
Definition of Terminology Used
Executive Summary
General Introduction
PV Inverter: The System
PV Inverter Environment
PV Inverter Market
PV Inverter Business Play ERS
Impact of Micro-Inverter Technology
General Conclusion
Just some of the Companies Mentioned:
- ABB
- AEG
- Comverge
- Enecsys
- Ferraz Shawmut
- Firstsolar
- GreenPower IC Lab
- Infineon
- Ingeteam
- ISET
- MasterVolt
- MicroSemi
- Mitsubishi Electric
- PetraSolar
- PowerOne
- PVPowered
- Schneider Electric
- SemiSouth
- SEPSA
- Siemens
- SolarMagic
- SolarMax
- Sunpower
- Vincotech
- Yamaichi Electronics
For more information visit http://www.researchandmarkets.com/research/d81447/photovoltaic_inver
YOKOHAMA, Japan–(BUSINESS WIRE)–Chiyoda Corporation (TOKYO:6366)(ISIN:JP3528600004), Japan’s leading engineering and construction firm, today announced its consolidated financial results for the second quarter of the fiscal year ending March 31, 2010.
Consolidated New Contracts for the cumulative second quarter of the current fiscal year amounted to 73.218 billion yen (year-on-year decrease of 37.3%), while the consolidated Contract Backlog amounted to 328.014 billion yen (41.0% year-on-year decrease). The Chiyoda Group recorded cumulative Consolidated Revenues of 164.658 billion yen (31.6% year-on-year decrease), an Operating Loss of 2.382 billion yen (compared to a consolidated Operating Profit of 6.904 billion yen for the same cumulative quarter in the prior fiscal year), an Ordinary Loss of 380 million yen (compared to Ordinary Income of 9.755 billion yen for the same cumulative quarter in the prior fiscal year), and a Net Loss amounted to 1.745 billion yen (compared to a Net Income 6.059 billion yen for the same cumulative quarter in the prior fiscal year).
In the cumulative second quarter of the current fiscal year, the market environment surrounding the Chiyoda Group appears some signs of recovery – particularly in emerging countries – from the global financial crisis that erupted during the prior fiscal year. There have been steady, positive movements in customer investment activities, matching expectations for a rebound in the industrial demand for oil and gas.
Under these circumstances, the Chiyoda Group has focused on securing contracts for new projects while engaging in the steady execution of on-going projects. The Chiyoda Group also has focused its efforts overseas on securing new contracts for LNG plant construction in Papua New Guinea, Floating LNG plants in Brazil, for desulfurization plant design services in Singapore, EPC management services for refinery improvement projects in Venezuela, and so on.
Regarding the execution, of the six trains (7.8 million tons/year each) in the ultra-large-scale LNG plants under construction in Qatar, two were completed, in addition to the single train completed during the prior fiscal year. The Chiyoda Group is now working to complete the remaining three trains. Because of significant construction delays in the Qatargas Trains 6 and 7 caused by the lower-than-expected productivity of the construction subcontractors, the Chiyoda Group incurred additional costs by having to adopt various measures to reinforce construction resources, including the hiring of new subcontractors. Accordingly, construction costs for the project have increased. Such being the situation, the Chiyoda Group will further strengthen its project risk management, particularly with respect to Qatargas Trains 6 and 7, and use utmost effort to improve its profitability.
The Chiyoda Group is making no revision at this time to its full-year forecasts of consolidated financial results for the fiscal year ending March 31, 2010. With respect to the year-end dividend, the Chiyoda Group revised it to 3.00 yen per share, as announced on October 23, 2009. The forecasts continue to assume an exchange rate of 90.0 yen to the U.S. dollar, as announced on October 23, 2009.
HOUSTON–(BUSINESS WIRE)–Swift Energy Company (NYSE: SFY) announced today that it increased the size of its public offering of Senior Notes due 2020 from $200 million to $225 million, and that it is calling for redemption all of its outstanding $150 million 7 5/8% Senior Notes due 2011 in accordance with the terms of those notes.
The new Senior Notes, which carry a coupon rate of 8 7/8%, are being sold at 98.389% of par, which equates to an effective yield to maturity of 9 1/8%. Interest on the Senior Notes will be payable on January 15 and July 15 of each year, commencing January 15, 2010, which first interest payment will consist only of interest from the closing date. The offering is expected to close November 25, 2009, subject to normal closing conditions. The new Senior Notes received ratings of BB- from Standard & Poor’s and B3 from Moody’s.
The largest portion of the net proceeds of approximately $216.4 million of the new Senior Notes offering will be used by the Company to redeem all of its outstanding 7 5/8% Senior Notes due 2011 (CUSIP #870738AE1) at a redemption price of 101.906% of their principal amount, plus accrued and unpaid interest from July 15, 2009 to the redemption date. The Senior Notes due 2011 will be automatically redeemed on December 10, 2009 and no further interest will accrue on these notes after that date. A Notice of Redemption is being mailed to all registered holders of the Senior Notes due 2011.
The remainder of the net proceeds of the new Senior Notes offering will be used to repay the total amount outstanding on the Company’s bank credit agreement.
J.P. Morgan Securities Inc., Goldman, Sachs & Co., RBC Capital Markets Corporation and Wells Fargo Securities are acting as Joint Book-Running Managers for this notes offering. BNP Paribas, Calyon Securities (USA) Inc., and Societe Generale are serving as Senior Co-Managers of the underwriting syndicate, while BBVA Securities, Comerica Securities, and Natixis Bleichroeder LLC. are serving as Co-Managers of the underwriting syndicate. When available, copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering may be obtained by contacting J.P. Morgan Securities Inc. at 270 Park Avenue, 8th Floor, New York, NY 10017, Attention: Syndicate Desk or by calling (800) 245-8812; Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, Attn: Prospectus Department or by calling (866) 471-2526; RBC Capital Markets Corporation at Three World Financial Center, 200 Vesey Street, 9th Floor, New York, NY 10281-8098, Attention: High Yield Capital Markets or by calling (212) 618-2205; or Wells Fargo Securities at 301 South College Street, 6th Floor, Charlotte, NC 28202, Attention: High Yield Syndicate or by calling (704) 715-7035. Copies of the preliminary prospectus supplement and accompanying base prospectus will also be available on the Securities and Exchange Commission’s website at www.sec.gov.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Such an offer can only be made by delivery of a prospectus that has been filed with the Securities and Exchange Commission.
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 Louisiana and Texas and in the inland waters of Louisiana.
This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission.
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