Ascent to draw $535 million under revolver for acquisition of assets

By Susanna Moon

Chicago, June 29 – Ascent Resources, LLC said it will draw up to $535 million of debt under its revolving credit facility to help fund its planned acquisition of assets.

Ascent has entered into definitive agreements to acquire natural gas and oil properties from Hess Corp., CNX Resources, Utica Minerals Development and a fourth undisclosed seller for a total purchase price of about $1.5 billion, according to an announcement.

The acquisitions are expected to close in the third quarter of 2018 and will also be funded with proceeds of at least $965 million of the company’s common equity, the release noted.

The Ascent Resources Marcellus entities, based in Oklahoma City, were formed to acquire, explore for, develop, produce and operate natural gas and oil properties in the Marcellus Shale.

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