Antero Resources reports tenders of $191.57 million 5 3/8% notes

By Wendy Van Sickle

Columbus, Ohio, Aug. 17 – Antero Resources Corp. announced the results of its tender offers to purchase any and all of its $500,202,000 of 5 3/8% senior notes due 2021 (Cusip: 03674PAL7).

The company said in a news release Monday evening that it received and accepted tenders of $191,566,000 of the notes, which includes $18.48 million of the notes tendered under guaranteed delivery procedures, which remain subject to the holders' performance of the delivery requirement.

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.

The offer was announced on Aug. 11, along with Dutch auction offers for Anero’s $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.

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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