Antero Resources Corporation AR announced that it has priced $700 million of senior unsecured notes. Notably, the aggregate principal amount is upsized from $500 million.
The independent natural gas and natural gas liquids company priced the notes atpar, which will likely mature in 2029 and carry an interest rate of 7.625%. The notes are being offered to eligible investors in a private placement. The upstream firm anticipates these offerings to close on Jan 26.
Considering the deduction of initial purchasers’ discounts and estimated costs, the natural gas producer estimates net proceeds worth $692 million from the offerings. The company added that part of the proceeds will likely get allocated to redeem the entire $311 million aggregate principal amount of senior notes that carry an interest rate of 5.125% and are set to mature in 2022. The remaining funds generated will be utilized by the company to repay borrowings under its credit facility.