DENVER, Jan. 7, 2021 /PRNewswire/ -- Antero
Resources Corporation (NYSE: AR) ("Antero Resources") announced
today the pricing of a registered direct offering of 31.4 million
shares of its common stock at a price of $6.35 per share to certain holders of its 4.25%
Convertible Senior Notes due 2026. Antero Resources plans to
use the proceeds from the share offering and approximately
$63 million of borrowings under its
revolving credit facility to repurchase from such holders
$150 million aggregate principal
amount of its Convertible Notes in privately negotiated
transactions.
On a net basis, Antero Resources will not receive any proceeds
from these transactions. Following the note repurchase,
$137.5 million aggregate principal
amount of the Convertible Notes will be outstanding.
Based on conversations with the holders of the Convertible Notes
purchasing shares in the share offering, Antero Resources believes
certain holders have open short positions in Antero Resources'
common stock, which serve as hedges against their Convertible Note
holdings, and will use the shares being purchased to close out and
cover a portion or all of their short positions.
The share offering is expected to close on January 12, 2021, subject to customary closing
conditions. The note repurchases are expected to close promptly
following the closing of the share offering, subject to customary
closing conditions.
The shares were offered pursuant to an effective shelf
registration statement that Antero Resources filed with the
Securities and Exchange Commission ("SEC"). The share offering was
made only by means of a prospectus supplement, including the base
prospectus forming a part of the registration statement. Copies of
the prospectus supplement and base prospectus may be obtained free
of charge on the SEC's website at www.sec.gov.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the convertible notes, the shares,
or any other securities and shall not constitute an offer to sell
or a solicitation of an offer to buy, or a sale of, these
securities in any jurisdiction in which such offer, solicitation or
sale is unlawful.
Antero Resources is an independent natural gas and natural
gas liquids company engaged in the acquisition, development and
production of unconventional properties located in the Appalachian
Basin in West Virginia and
Ohio. In conjunction with its
affiliate, Antero Midstream (NYSE: AM), Antero is one of the most
integrated natural gas producers in the U.S.
This release includes "forward-looking statements." Such
forward-looking statements are subject to a number of risks and
uncertainties, many of which are not under Antero
Resources' control. All statements,
except for statements of historical fact, made in this release
regarding activities, events or developments Antero Resources
expects, believes or anticipates will or may occur in the future,
such as statements regarding the closings of the share offering and
the note repurchases and the holders' intended use of the shares
being purchased, are forward-looking statements within the meaning
of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934. All forward-looking statements
speak only as of the date of this release. Although Antero
Resources believes that the plans, intentions and expectations
reflected in or suggested by the forward-looking statements are
reasonable, there is no assurance that these plans, intentions or
expectations will be achieved. Therefore, actual outcomes and
results could materially differ from what is expressed, implied or
forecast in such statements. Except as required by law, Antero
Resources expressly disclaims any obligation to and does not intend
to publicly update or revise any forward-looking statements. Antero
Resources cautions you that these forward-looking statements are
subject to all of the risks and uncertainties incident to the
exploration for and development, production, gathering and sale of
natural gas, NGLs and oil most of which are difficult to predict
and many of which are beyond the Antero
Resources' control. These risks include
the risks described under the heading "Item 1A. Risk Factors" in
Antero Resources' Annual Report on Form
10-K for the year ended December 31,
2019 and in its subsequently filed Quarterly Reports on Form
10-Q.
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SOURCE Antero Resources Corporation