-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Flbivr1mU/tx8tlcA5IjKpFYhWRj3clcjYUD/iJTC7gNzpcejaDCRpn6ahnq+nTK 7wfbp+UWzNLAkRatjC7Puw== 0000821699-99-000025.txt : 19991224 0000821699-99-000025.hdr.sgml : 19991224 ACCESSION NUMBER: 0000821699-99-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19991223 ITEM INFORMATION: FILED AS OF DATE: 19991223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWEST ROYALTIES INC CENTRAL INDEX KEY: 0000821699 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 751917432 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-23701 FILM NUMBER: 99779874 BUSINESS ADDRESS: STREET 1: 407 N BIG SPRING STREET SUITE 300 CITY: MIDLAND STATE: TX ZIP: 79701 BUSINESS PHONE: 9156866992 MAIL ADDRESS: STREET 1: 407 N BIG SPRING STREET SUITE 300 CITY: MIDLAND STATE: TX ZIP: 79701 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: December 23, 1999 Commission file number: 000-23701 SOUTHWEST ROYALTIES, INC. SOUTHWEST ROYALTIES (Exact Name of Registrant as HOLDINGS, INC. Specified in Its Charter) (Exact Name of Registrant as Specified in Its Charter) Delaware Delaware (State or Other Jurisdiction of (State or Other Jurisdiction of Incorporation or Organization) Incorporation or Organization) 75-1917432 75-2724264 (I.R.S. Employer Identification (I.R.S. Employer Identification Number) Number) 407 North Big Spring, Suite 300 Midland, Texas 79701 (Address of Principal Executive (Zip Code) Offices) Registrants' Telephone Number, Including Area Code: (915) 686- 9927 None (Former name or former address, if changed since last report.) The total number of pages contained in this report is 4. Item 5. Other Events Southwest Royalties Inc. ("Southwest"), is currently negotiating a $50 million revolving line of credit with BankOne Texas, N.A. (the "Credit Facility") which will mature June 30, 2001. As currently contemplated, the Credit Facility will be secured by substantially all of Southwest's proved oil and gas properties and will be guaranteed, on an unsecured basis, by Southwest Royalties Holdings, Inc., Southwest's parent company. The Credit Facility will contain covenants which limit loans, advances, investments, and dividends and set a minimum interest coverage ratio for Southwest. In addition, as a credit enhancement, El Paso Energy Corporation will agree to purchase BankOne Texas, N.A.'s note or a participation in the note in certain circumstances. The funds from the Credit Facility may be used for working capital and other general corporate purposes, including the repurchase of a portion of Southwest's outstanding 10.5% Senior Notes due 2004. SIGNATURES SOUTHWEST ROYALTIES, INC. Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SOUTHWEST ROYALTIES, INC. By: /s/ Bill E. Coggin - ------------------------- Bill E. Coggin, Vice President and Chief Financial Officer Date: December 23, 1999 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. Date: December 23, 1999 /s/ Bill E. Coggin ---------------------------------- Bill E. Coggin, Vice President and Chief Financial Officer SIGNATURES SOUTHWEST ROYALTIES HOLDINGS, INC. Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SOUTHWEST ROYALTIES HOLDINGS, INC. By: /s/ Bill E. Coggin - ------------------------- Bill E. Coggin, Vice President and Chief Financial Officer Date: December 23, 1999 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. Date: December 23, 1999 /s/ Bill E. Coggin ---------------------------------- Bill E. Coggin, Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----