Published on 4/23/2014 in the Prospect News High Yield Daily.
New Issue: Antero Resources sells upsized $600 million 5 1/8% senior notes due 2022 at par
By Paul A. Harris
Portland, Ore., April 22 - Antero Resources Corp. priced an upsized $600 million issue of senior notes due Dec. 1, 2022 (B1/BB-/) at par to yield 5 1/8% in a quick-to-market Wednesday transaction, a market source said.
The deal was upsized from $500 million.
The yield printed at the tight end of the 5 1/8% to 5¼% yield talk.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Credit Agricole CIB, Barclays and Capital One South Coast were the joint bookrunners for the Rule 144A and Regulation S with registration rights deal.
The notes become callable after three years at par plus 75% of the coupon. A special call feature provides for the redemption of 100% of the issue at par prior to Dec. 1, 2015 upon a change of control.
The Denver-based independent oil and natural gas company plans to use the proceeds to redeem its 7¼% senior notes due 2019 and to repay a portion of its credit facility.
| Issuer: | Antero Resources Corp.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Dec. 1, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Credit Agricole CIB, Barclays, Capital One South Coast
|
| Senior co-managers: | BMO Securities, Mitsubishi UFJ Securities, Credit Suisse Securities (USA) LLC
|
| Co-managers: | Scotia Capital, TD Securities, U.S. Bancorp Investments Inc., BB&T, CIBC World Markets Comerica, Fifth Third, KeyBanc Capital Markets, PNC Capital Markets, SMBC Nikko, ABN Amro
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 256 bps
|
| Price talk: | 5 1/8% to 5¼%
|
| First call: | Callable after three years at 103.844
|
| Trade date: | April 23
|
| Settlement date: | May 6
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
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