Ascent Resources to market $1.5 billion senior notes in two tranches

By Paul A. Harris

Portland, Ore., March 22 – Ascent Resources Utica Holdings, LLC plans to market $1.5 billion of senior notes in two tranches by means of an investor roadshow, according to a market source.

The deal, being marketed solely to qualified institutional investors, features five-year notes, which come with two years of call protection, and eight-year notes, which come with three years of call protection. Tranche sizes remain to be determined.

The notes are expected to be priced on Monday.

J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and Natixis Securities are managing the sale.

ARU Finance Corp., a wholly owned subsidiary of Ascent Resources, will be the co-issuer.

The Oklahoma City-based energy company plans to use the proceeds to retire its second-lien term loan and for general corporate purpose.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.