By Paul A. Harris
Portland, Ore., April 28 – Ascent Resources Utica Holdings, LLC announced in a Friday press release that it has entered into a definitive note purchase agreement providing for a private placement of a $212.6 million add-on to its existing 8¼% senior notes due Dec. 31, 2028.
The additional notes will be issued at 98.76, plus accrued and unpaid interest from Feb. 1.
Ascent will use the proceeds from this private placement to pay down borrowings under its revolving credit facility.
The Oklahoma City-based natural gas producer priced the original $300 million issue in December 2020.
The private placement add-on is set to close on May 9.
When it does, the total issue size will be $512.6 million, the press release stated.
| Issuer: | Ascent Resources Utica Holdings, LLC
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| Amount: | $212.6 million
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| Issue: | Add-on to senior notes
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| Maturity: | Dec. 31, 2028
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| Coupon: | 8¼%
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| Price: | 98.76
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| Announcement date: | April 28
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| Settlement date: | May 9
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| Total amount: | $512.6 million, including $300 million priced at par Dec. 14, 2020
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