Published on 1/30/2013 in the Prospect News High Yield Daily.
New Issue: Antero sells upsized $225 million tap of 6% notes due 2020 at 103 to yield 5.391%
By Paul A. Harris
Portland, Ore., Jan. 30 - Antero Resources Finance Corp. priced an upsized $225 million add-on to its 6% senior notes due Dec. 1, 2020 (B2/B+/) at 103 to yield 5.391% on Wednesday, according to a market source.
The reoffer price came at the cheap end of the 103 to 103.5 price talk.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc. and Mitsubishi UFJ Securities (USA) Inc. were the joint bookrunners for the quick-to-market add-on, which was upsized from $150 million.
The Denver-based independent oil and gas company plans to use the proceeds to repay a portion of its revolving credit facility.
| Issuer: | Antero Resources Finance Corp.
|
| Face amount: | $225 million
|
| Proceeds: | $231.75 million
|
| Maturity: | Dec. 1, 2020
|
| Security description: | Add-on to 6% senior notes due Dec. 1, 2020
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA) Inc.
|
| Senior co-managers: | Capital One Southcoast Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC, Comerica Securities Inc.
|
| Co-managers: | Lloyds Securities Inc., Fifth Third Securities Inc., KeyBanc Capital Markets Inc., U.S. Bancorp Investments Inc., BB&T Capital Markets
|
| Coupon: | 6%
|
| Price: | 103
|
| Yield to maturity: | 5.391%
|
| Spread: | 452 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Dec. 1, 2015, then callable at 104.5, 103, 101.5, par on and after Dec. 1, 2018
|
| Equity clawback: | 35% at 106 until Dec. 1, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | Jan. 30
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| Settlement date: | Feb. 4 with accrued interest
|
| Ratings: | Moody's: B2
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| Standard & Poor's: B+
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| Distribution: | Rule 144A with registration rights
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| Price talk: | 103 to 103.5
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| Marketing: | Quick to market
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| Original issue: | $300 million issue priced at par on Nov. 14, 2012
|
| Fungibility: | Add-on notes are immediately fungible with existing notes
|
| Total issue size: | $525 million
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