Published on 9/4/2014 in the Prospect News High Yield Daily.
New Issue: Antero Resources sells upsized $500 million tap of 5 1/8% notes due 2022 at 100.5
By Paul A. Harris
Portland, Ore., Sept. 4 – Antero Resources Corp. priced an upsized $500 million add-on to its 5 1/8% senior notes due Dec. 1, 2022 (B1/BB/) at 100.5 to yield 5.021% on Thursday, according to a market source.
The deal was upsized from $400 million.
The reoffer price came at the rich end of the 100 to 100.5 price talk.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Capital One Securities Inc. and Credit Agricole Securities (USA) Inc. were the joint bookrunners for the quick-to-market deal.
The Denver-based independent oil and natural gas company plans to use the proceeds to repay a portion of the outstanding borrowings under its credit facility.
| Issuer: | Antero Resources Corp.
|
| Face amount: | $500 million, increased from $400 million
|
| Proceeds: | $503 million
|
| Maturity: | Dec. 1, 2022
|
| Security description: | Add-on to 5 1/8% senior notes due Dec. 1, 2022
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, Barclays, Capital One Securities Inc., Credit Agricole Securities (USA) Inc.
|
| Senior co-managers: | Citigroup Global Markets Inc., TD Securities (USA) LLC, Mitsubishi UFJ Securities (USA) Inc., U.S. Bancorp Investments Inc.
|
| Co-managers: | BMO Capital Markets Corp., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC, Comerica Securities Inc., CIBC World Markets Corp., Fifth Third Securities Inc., SMBC Nikko Securities America Inc., PNC Capital Markets LLC, ABN Amro Securities (USA) LLC, KeyBanc Capital Markets Inc., BB&T Capital Markets
|
| Coupon: | 5 1/8%
|
| Price: | 100.5
|
| Yield: | 5.021%
|
| Spread: | 311 bps
|
| First call: | June 1, 2017 at 103.844
|
| Trade date: | Sept. 4
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| Settlement date: | Sept. 18 with accrued interest
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| Ratings: | Moody's: B1
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| Standard & Poor's: BB
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| Distribution: | Rule 144A and Regulation S with registration rights
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| Price talk: | 100 to 100.5
|
| Marketing: | Quick to market
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| Original issue: | $600 million priced at par on April 22, 2014
|
| Total issue size: | $1.1 billion
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