Published on 3/3/2015 in the Prospect News High Yield Daily.
New Issue: Antero Resources prices upsized $750 million eight-year notes at par to yield 5 5/8%
By Paul A. Harris
Portland, Ore., March 3 – Antero Resources Corp. priced an upsized $750 million issue of eight-year senior notes (Ba3/expected BB) at par to yield 5 5/8% on Tuesday, according to a market source.
The deal was upsized from $500 million.
The yield printed in the middle of the 5½% to 5¾% yield talk.
That talk came on top of initial guidance, according to a trader.
J.P. Morgan Securities LLC, Wells Fargo Securities LLC, MUFG, Credit Agricole CIB and Capital One South Coast were the joint bookrunners.
The notes feature a special call provision that 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, including those resulting from the $250 million upsizing of the deal, to repay bank debt.
| Issuer: | Antero Resources Corp.
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | June 1, 2023
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| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC, MUFG, Credit Agricole CIB, Capital One South Coast
|
| Senior co-managers: | Barclays, BMO Securities, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC
|
| Co-managers: | BNP Paribas Securities Corp., CIBC World Markets, DNB Markets, Fifth Third Bank, HSBC Securities, 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, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Three years
|
| Trade date: | March 3
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| Settlement date: | March 17
|
| Ratings: | Moody's: Ba3
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| Standard & Poor's: Expected BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5½% to 5¾%
|
| Marketing: | Quick to market
|
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