Antero Midstream to upsize facility to $1.5 billion for acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 18 – Antero Midstream Partners LP will lift its credit facility by $500 million to a total of $1.5 billion in conjunction with its acquisition of Antero Resources Corp.’s integrated water business, according to a Friday press release from the partnership.

Antero Midstream is set to purchase the water business for $1.05 billion in cash, assumed debt and partnership common units in a transaction that is expected to close Sept. 23.

As of June 30, Antero Midstream had $439 million drawn under its credit facility. With the planned $500 million increase, the company would have about $1.1 billion of availability, according to the release.

Antero Midstream is set to pay Antero Resources a cash distribution of $552 million, less any assumed debt, for the acquisition. It will also issue the seller 23,886,421 common units.

The acquisition will include all of Antero Resources’ fresh water delivery business, consisting of two systems that deliver water from the Ohio River and other regional water sources for well completion operations in the Marcellus and Utica Shales, the release states.

Antero Midstream is a Denver-based oil and gas company.

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