Southwestern Floats $1.1B of New Stock, Offers to Buy Back IOUs

southwestern energyEarlier this week MDN told you that Southwestern Energy, a major Marcellus/Utica driller, has cut deals with its banks and debholders to extend out the due date on loans coming due (see Southwestern Energy Buys More Time with Banks, Debtholders). Southwestern continues to aggressively manage its money and balance sheet. Yesterday the company announced it is floating $1.1 billion of new stock and plans to buy back outstanding notes (IOUs). We don’t pretend to understand why they would extend the due dates earlier this week and now attempt to buy back the IOUs. Perhaps it’s different sets of debt? Someone with a finance degree help us out here! At any rate, here’s yesterday’s set of announcements from Southwestern…

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