Antero says loan borrowing base likely to be reduced with asset sale

By Sara Rosenberg

New York, Nov. 5 - Antero Resources LLC expects the borrowing base under its credit facility to be downsized to $1.35 billion from $1.65 billion in connection with the sale of its natural gas and pipeline assets in the Piceance Basin to a private company, according to a news release.

The commitments under the credit facility are anticipated to be maintained at $950 million.

The company is selling the Piceance Basin assets for $325 million in cash plus the assumption of all of Antero's Rocky Mountain firm transportation obligations.

Proceeds from the sale will be used to repay bank debt.

Closing on the transaction is expected in December.

Antero is a Denver-based energy exploration and production company.

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