DENVER – Antero Resources has entered into a new $1 billion revolving credit facility with a 13-bank syndicate led by JP Morgan Securities LLC and Wells Fargo Securities LLC as Joint Lead Arrangers and Joint Lead Bookrunners.
The new credit facility replaces Antero's existing $400 million revolving credit facility, has an initial borrowing base of $550 million and expires in November 2015.
Closing of the new credit facility resulted in a $150 million increase in Antero's bank borrowing base. As of today, $184 million is drawn on the new facility and $18 million in letters of credit are outstanding, resulting in $348 million of availability.
The next regular borrowing base redetermination is expected to occur in May 2011.
Antero Resources is an independent oil and natural gas company engaged in the acquisition, development and production of unconventional natural gas properties primarily located in the Appalachian Basin in West Virginia and Pennsylvania, the Arkoma Basin in Oklahoma and the Piceance Basin in Colorado.
Source: Antero Resources
