Published on 1/13/2010 in the Prospect News High Yield Daily.
New Issue: Antero sells upsized $150 million add-on to 9 3/8% notes due 2017 at 104 to yield 8.489%
By Paul A. Harris
St. Louis, Jan. 13 - Antero Resources Finance Corp. priced an upsized $150 million add-on to its 9 3/8% senior notes due Dec. 1, 2017 (Caa1/B/) at 104 to yield 8.489% on Wednesday, according to an informed source.
The reoffer price came on top of price talk.
J.P. Morgan Securities Inc., Barclays Capital Inc. and Wells Fargo Securities ran the books for the add-on, which kicked off at a $100 million size and was increased to $125 million before ultimately upsizing to $150 million.
Co-managers were Credit Suisse Securities, BNP Paribas Securities Corp., Calyon Securities, Deutsche Bank Securities Inc., Lloyds TSB Corporate Markets, Mitsubishi UFJ Securities, U.S. Bancorp Investments, Inc., Comerica Securities and KeyBanc Capital Markets Inc.
Proceeds will be used to repay bank debt.
Antero Resources is a Denver-based oil and gas company with properties primarily located in the Appalachian Basin, Arkoma Basin and Piceance Basin.
| Issuer: | Antero Resources Finance Corp.
|
| Face amount: | $150 million, increased from $125 million after starting at $100 million
|
| Proceeds: | $156 million
|
| Maturity: | Dec. 1, 2017
|
| Security description: | Fungible add-on to the 9 3/8% senior notes
|
| Bookrunners: | J.P. Morgan Securities Inc., Barclays Capital Inc., Wells Fargo Securities
|
| Co-managers: | Credit Suisse Securities, BNP Paribas Securities Corp., Calyon Securities, Deutsche Bank Securities Inc., Lloyds TSB Corporate Markets, Mitsubishi UFJ Securities, U.S. Bancorp Investments, Inc., Comerica Securities, KeyBanc Capital Markets Inc.
|
| Coupon: | 9 3/8%
|
| Price: | 104
|
| Yield: | 8.489%
|
| Spread: | 503 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Dec. 1, 2013, then callable at 104.688, 102.344, par on and after Dec. 1, 2015
|
| Equity clawback: | 35% at 109.375 until Dec. 1, 2012
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S with registration rights
|
| Price talk: | 104
|
| Original issue: | $375 million priced at 99.299 to yield 9½% on Nov. 13, 2009
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
