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Antero receives early tenders for 5 1/8%, 5 5/8% senior notes
By Taylor Fox
New York, Aug. 25 – Antero Resources Corp. announced that as of 5 p.m. ET on Aug. 24, $88,389,000 of its 5 1/8% senior notes due 2022 (Cusip: 03674XAC0) and $95,661,000 of its 5 5/8% senior notes due 2023 (Cusip: 03674XAF3) had been tendered and not withdrawn prior to the Dutch auction early tender deadline, according to a news release.
Antero intends to accept for purchase all tendered notes and to make payment on Aug. 25.
As previously reported, prior to the Dutch auction, $756.03 million of the 2022 notes were outstanding and $705,641,000 of the 2023 notes were outstanding.
The Dutch auction total consideration per $1,000 principal amount on the 2022 notes was $860, and the total consideration for the 2023 notes was $780, both of which include a $30 early tender premium for notes tendered prior to the early tender deadline.
The Dutch auction offers are scheduled to expire at 11:59 p.m. ET on Sept. 8.
Holders of Dutch auction notes may still tender their Dutch auction notes by the expiration date but will be entitled to receive only the Dutch auction offer consideration, which is equal to the Dutch auction total consideration, less the $30 Dutch auction early tender payment.
Between the Dutch auction notes tendered by the Dutch auction early tender deadline and the previously repurchased 5 3/8% senior notes due 2021, Antero will have repurchased an aggregate $366,775,000 notional amount of senior notes in the offers at a 10% weighted average discount, reducing its total debt by $37 million.
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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