Antero Resources to price $500 million eight-year notes Tuesday

By Paul A. Harris

Portland, Ore., March 3 – Antero Resources Corp. plans to price a $500 million offering of eight-year senior notes (expected ratings Ba3/BB) on Tuesday trailing a late-morning conference call with investors, according to a market source.

Early guidance has the deal shaping up in a yield context of 5½% to 5¾%, according to a trader.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, MUFG, Credit Agricole CIB and Capital One South Coast are the joint bookrunners.

Barclays, BMO Securities, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the senior co-managers.

BNP Paribas Securities Corp., CIBC World Markets, DNB Markets, Fifth Third Bank, HSBC, Scotia Capital, TD Securities, U.S. Bancorp Investments Inc., ABN Amro, BBVA, BB&T, Comerica, KeyBanc Capital Markets, Morgan Stanley & Co. LLC, Natixis, PNC Capital Markets, SMBC Nikko and SunTrust Robinson Humphrey Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes become callable after three years at par plus 75% of the coupon. A special call provision makes the entire issue redeemable at 110 prior to June 1, 2016 upon a change of control.

The Denver-based oil and gas company plans to use the proceeds to repay bank debt.

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