Antero Resources Corp. (NYSE: AR) priced its private placement to eligible purchases of $1 billion senior unsecured notes due 2021 at par.
The offering was upsized to $1 billion from the previously announced amount of $500 million.
Antero estimates that it will receive net proceeds of $987.1 million, of which it intends to use $549.6 million to finance the redemption of outstanding 9.375% senior notes due 2017. Antero intends to use the remaining net proceeds to (i) repay in full the $25 million 9% senior note due 2013, (ii) repay the outstanding borrowings under the credit facility and (iii) fund the drilling and development program.
The securities to be offered have not been registered under the Securities Act or any state securities laws; and unless so registered, the securities may not be offered or sold in the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A.
Antero Resources Corp. is an independent energy company engaged in the exploitation, development and acquisition of unconventional oil and liquids-rich natural gas properties primarily located in the Appalachian Basin. The company is based in Denver.