ANTERO RESOURCES Corp

Antero Resources completed its $2.8 billion acquisition of HG Energy's core Marcellus Shale acreage in West Virginia, funding part of the purchase with a new $1.5 billion term loan led by Royal Bank of Canada.

asset acquisition disposition

Antero Resources raised $750 million in new 5.40% notes due 2036, part of the financing package (alongside a new term loan and a planned sale of its Utica Shale assets) for its pending $2.8 billion HG Energy acquisition.

debt financing

Antero Resources agreed to buy HG Energy II's Marcellus Shale acreage (about 385,000 net acres in the core of the play in West Virginia) for $2.8 billion, while sibling company Antero Midstream simultaneously agreed to buy HG Energy's related midstream assets for $1.1 billion -- a combined $3.9 billion expansion of the Antero companies' core Appalachian position.

material agreement

Antero Resources issued $600 million of new 5.375% notes due 2030 -- a much lower rate than its early-2021 refinancings -- and used the proceeds to redeem all $574.2 million of its 5.625% notes due 2023, pushing out its debt maturities as credit conditions improved.

debt financing

Antero Resources issued $700 million of new 7.625% notes due 2029 and used the proceeds to redeem the rest of its 5.125% notes due 2022, fully retiring that maturity.

debt financing

Antero Resources issued $500 million of new 8.375% notes due 2026 and used the proceeds to redeem $350 million of its 5.125% notes due 2022 -- a much higher coupon than the debt it replaced, reflecting tighter credit markets for gas producers at the time.

debt financing

Antero Resources renegotiated its gas-gathering fee deal with its affiliate Antero Midstream, cutting the fees it pays by $12-19 million per quarter through 2023 in exchange for extending the contract to 2038, and agreed to sell $100 million of its Antero Midstream shares back to Antero Midstream to pay down its own revolving credit line.

material agreement

The Antero Midstream/AMGP combination closed: AMGP converted into Antero Midstream Corporation, and Antero Resources exchanged its 98.9 million Antero Midstream units for cash plus 158.4 million shares of the new company, cutting its stake from a controlling 53% (which it had consolidated into its own financials) to a 31% equity-method stake going forward.

asset acquisition disposition

Antero Resources, as the roughly 53% owner of Antero Midstream Partners, agreed to vote its units in favor of the pending Antero Midstream/AMGP combination and to transfer some units to a subsidiary ahead of closing -- procedural steps toward completing the deal.

merger communication

Antero Resources' midstream affiliate Antero Midstream GP LP agreed to buy out all public and Antero-owned units of Antero Midstream Partners LP, folding them into a new single company, Antero Midstream Corporation; Antero Resources -- which owns about 53% of the units -- will receive a mix of cash and New AM stock. Antero Resources separately authorized a $600 million buyback of its own stock.

merger communication

Antero Resources closed its $600 million offering of 5.0% notes due 2025, completing the refinancing of its 6.0% 2020 notes at a lower rate.

debt financing

Antero Resources priced $600 million of new 5.0% senior notes due 2025, planning to use the proceeds to redeem its higher-cost 6.0% notes due 2020.

debt financing

Antero Resources raised about $752.5 million selling 26.75 million new shares of its own common stock at $28.15/share.

material agreement