Antero Resources upsized bonds price at par to yield 7.625%; terms

Antero Resources Corp. has placed $700 million (upsized from $500 million) of eight-year senior unsecured notes tight of talk, sources said. Bookrunners for the deal were J.P. Morgan, Barclays, Citi, Credit Agricole, RBC Capital Markets, Truist and Wells Fargo.

Antero Resources, an independent oil and natural gas company, acquires, explores for, develops and produces natural gas, natural gas liquids and oil properties in the United States.

A portion of the proceeds is earmarked to fund the redemption of all $310.5 million outstanding of the company's 5.125% senior notes due 2022 and to repay borrowings under its credit facility.

S&P Global Ratings today raised its issuer credit rating on Antero to B, from B-, and the unsecured debt rating to B+, from B. Ratings said the debt raise improves the company's liquidity and "also evidences Antero's improved access to capital markets, which had been a concern for much of 2020 in the face of looming debt maturities through 2023."

Moody's also doled out a ratings lift, boosting the corporate family rating to B1, from B2, and senior unsecured notes to B2, from B3. The outlook on Antero is stable at both Ratings and Moody's. Terms: