By Paul A. Harris
Portland, Ore., Dec. 17 – Antero Resources Corp. priced a $500 million issue of 5.5-year senior notes (expected B3/confirmed B) at par to yield 8 3/8% in a Thursday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 8½% area. Initial guidance was in the high 8% area.
The deal was heard to be playing to $715 million of demand across 27 accounts on Thursday morning, a trader said.
J.P. Morgan Securities LLC was at the left of a syndicate of banks that also included Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, RBC Capital Markets Corp. and Wells Fargo Securities LLC.
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.
| Issuer: | Antero Resources Corp.
|
| Amount: | $500 million
|
| Maturity: | July 15, 2026
|
| Securities: | Senior notes
|
| Syndicate: | J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Credit Agricole CIB, RBC Capital Markets Corp. and Wells Fargo Securities LLC
|
| Coupon: | 8 3/8%
|
| Price: | Par
|
| Yield: | 8 3/8%
|
| Spread: | 792 bps
|
| Call protection: | Three years
|
| Trade date: | Dec. 17
|
| Settlement date: | Jan. 4
|
| Ratings: | Moody's: Expected B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8½% area
|
| Marketing: | Drive-by
|
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