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Antero Resources talks $250 million six-year convertible notes to yield 3.75%-4.25%, up 20%-25%
By Abigail W. Adams
Portland, Me., Aug. 18 – Antero Resources Corp. plans to price $250 million of six-year convertible notes after the market close on Tuesday with price talk for a coupon of 3.75% to 4.25% and an initial conversion premium of 20% to 25%, according to a market source.
J.P. Morgan Securities LLC (lead left), Barclays and Credit Suisse Securities (USA) LLC are joint bookrunners for the Rule 144A offering, which carries a greenshoe of $50 million.
The notes are non-callable for 3.5 years and then subject to a 130% hurdle with a make-whole.
There is dividend and takeover protection.
Proceeds will be used repay debt under the company’s credit facility.
Antero Resources is a Denver-based gas and oil company.
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