Ascent Resources to prepay junior-lien term loans via common units

By Tali Rackner

Norfolk, Va., Nov. 10 – Ascent Resources, LLC plans to use about $479 million of proceeds from its $787 million common unit offering to fully prepay the junior-lien term loans outstanding under Ascent Resources – Utica, LLC’s amended and restated credit agreement, according to a press release.

The loans will be prepaid on Nov. 15.

In addition, the company said it will contribute $175 million of proceeds to Ascent Resources – Utica to fund its ongoing Utica natural gas and oil development program in Ohio. The remaining $132 million will be used to further Utica development, liability management purposes or capital structure optimization.

Ascent Resources – Utica was formerly known as American Energy – Utica, LLC and is an oil and gas company operating in the Utica Shale area of Ohio.

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