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Antero Resources calls all 4.25% convertible notes due 2026
By Marisa Wong
Los Angeles, March 11 – Antero Resources Corp. has called all of its outstanding 4.25% convertible senior notes due 2026 (Cusip: 03674XAM8) for redemption on April 1, according to a press release.
The aggregate principal amount being redeemed is $26,386,000.
The redemption price will be par plus accrued interest to but excluding the redemption date. For each $1,000 principal amount of notes, the redemption price is equal to $1,003.54.
Notes called for redemption may be converted at any time before 5 p.m. ET on March 28. The company has elected to settle all conversions of notes between the redemption notice date and the conversion deadline by delivering shares of common stock and paying cash in lieu of fractional shares.
The company noted that sending the notice of redemption is a make-whole fundamental change under the indenture governing the notes; as a result, the current conversion rate is required to be adjusted. However, based on the current trading price of the company’s common stock, no additional shares will be added to the conversion rate. As of March 11, the conversion rate for all conversions going forward up until the conversion deadline is 230.2026 shares per $1,000 principal amount. This conversion rate will remain subject to adjustment in accordance with the indenture from time to time for certain events.
Computershare Trust Co., NA is the trustee.
Antero Midstream is a Denver-based midstream energy company.
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