Antero Resources begins tender offers for notes due 2021, 2022, 2023

By Taylor Fox

New York, Aug. 11 – Antero Resources Corp. launched cash tender offers to purchase any and all of its $500,202,000 of 5 3/8% senior notes due 2021 (Cusip: 03674PAL7), and up to the Dutch auction cap of its $756,030,000 of 5 1/8% senior notes due 2022 (Cusip: 03674XAC0) and its $705,641,000 of 5 5/8% senior notes due 2023 (Cusip: 03674XAF3) on Tuesday.

Any-and-all offer

The any-and-all offer is scheduled to expire at 5 p.m. ET on Aug. 17.

Holders of the 2021 notes accepted for purchase will receive the consideration of $980 for each $1,000 principal amount of the notes. There is no early tender payment for notes tendered under the any-and-all offer.

Tendered notes under the any-and-all offer may be withdrawn by the expiration time.

Dutch auction offers

The Dutch auction offers are scheduled to expire at 11:59 p.m. ET on Sept. 8.

The Dutch auction cap will be a principal amount of 2022 notes and/or 2023 notes that could be purchased with a maximum purchase price, excluding interest, equal to $525 million less the aggregate amount paid by Antero to purchase the 2022 notes in the offer, but in no event more than $250 million.

The total consideration payable for each $1,000 principal amount of Dutch auction notes will be determined based on a modified Dutch auction procedure. The bid price range for the 2022 notes is $800 to $860 per $1,000 of notes, and the bid price range for the 2023 notes is $720 to $780 per $1,000 of notes.

The Dutch auction total considerations each include an early tender payment of $30 per $1,000 of notes. Holders who tender their notes under the Dutch auction offers by the early tender deadline, 5 p.m. ET on Aug. 24, will be eligible to receive the early tender payment.

Dealer managers, agents

J.P. Morgan Securities LLC (866 834-2045, 866 834-2045) is dealer manager, and BMO Capital Markets Corp. and Citigroup Global Markets Inc. are co-dealer managers.

Ipreo LLC (888 593-9546, 212 849-3880, ipreo-tenderoffer@ihsmarkit.com) is the information agent.

Antero is a natural gas and oil company based in Denver.

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