By Paul A. Harris
Portland, Ore., May 17 – Antero Resources Corp. priced an upsized $600 million issue of senior notes due March 1, 2030 (B1/B+) at par to yield 5 3/8% in a Monday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of the 5 3/8% to 5½% revised yield talk. Earlier official talk was 5½% to 5¾%. Initial guidance was 5¾% to 6%.
The deal broke to par ¼ bid, according to a bond trader, who added that $1 million of bonds changed hands at that level.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Credit Agricole CIB, Wells Fargo Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc. and BofA Securities Inc.
The Denver-based independent natural gas and natural gas liquids company plans to use the proceeds plus a draw on its revolver to redeem its 5 5/8% senior notes due 2023.
| Issuer: | Antero Resources Corp.
|
| Amount: | $600 million, increased from $500 million
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| Maturity: | March 1, 2030
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Credit Agricole CIB, Wells Fargo Securities LLC, RBC Capital Markets LLC, Barclays, Citigroup Global Markets Inc. and BofA Securities Inc.
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| Coupon: | 5 3/8%
|
| Price: | Par
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| Yield: | 5 3/8%
|
| Spread: | 385 bps
|
| First call date: | March 1, 2025
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| Trade date: | May 17
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| Settlement date: | June 1
|
| Ratings: | Moody's: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 3/8% to 5½%, revised from 5½% to 5¾%
|
| Marketing: | Drive-by
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