Antero Resources driving by with $500 million 5.5-year senior notes; initial talk high 8% area

By Paul A. Harris

Portland, Ore., Dec. 17 – Antero Resources Corp. plans to price a $500 million offering of senior notes due 2026 (expected ratings B3/B) in a Thursday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the high 8% area, a trader said.

J.P. Morgan Securities LLC is leading the Rule 144 and Regulation S offering.

The 5.5-year notes come with three years of call protection.

The Denver-based independent natural gas and natural gas liquids company plans to use a portion of the proceeds to redeem $350 million of its 5 1/8% senior notes due 2022, with the remaining proceeds to be used to repay bank debt.

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