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Antero Resources driving by with $500 million eight-year notes; initial talk 8%-8¼%
By Paul A. Harris
Portland, Ore., Jan. 11 – Antero Resources Corp. plans to price a $500 million offering of eight-year senior notes (B2/B+) in a Monday drive-by, according to market sources.
Initial talk has the notes coming to yield 8% to 8¼%, according to a trader.
J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S deal.
The notes come with three years of call protection.
The Denver-based natural gas and natural gas liquids producer plans to use a portion of the proceeds to redeem all $310.5 million of its 5 1/8% senior notes due 2022 at par plus accrued interest, with the remaining proceeds to repay debt under its credit facility.
Antero Resources returns to the high-yield primary market after having priced a $500 million issue of 8 3/8% senior notes due July 2026 in December.
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