Antero Resources Corporation priced a $750 million offering of 5.40% senior unsecured notes due 2036, with an initial public price of 99.869%. The company expects net proceeds of about $743 million after underwriting discounts and expenses.
The notes are being issued under an effective shelf registration statement and are expected to close on January 28, 2026, subject to customary closing conditions. The proceeds will be used to partially fund the $2.8 billion HG Energy acquisition, which includes cash and the assumption of HG’s commodity hedge book.
The financing aligns with Antero’s strategy to expand its core acreage in the Marcellus region. The HG deal is projected to add roughly 850 MMcfe/d of expected production in 2026 and 385,000 net acres, extending the company’s inventory life by about five years and generating significant synergies.
Antero’s financial profile shows moderate leverage, with a debt‑to‑equity ratio of 0.49 and operating margin of 15.03%. The company’s current ratio of 0.31 indicates liquidity constraints that the new debt will help alleviate, while the notes provide a low‑cost financing source to support the acquisition without diluting equity.
Management emphasized that the notes offer a flexible capital structure, allowing the company to balance debt service with future growth opportunities. “The proceeds will strengthen our balance sheet and give us the financial flexibility to pursue additional acquisitions and invest in high‑return projects,” said Antero’s CFO.
The issuance demonstrates Antero’s confidence in its growth trajectory and its ability to secure favorable financing terms in a competitive market for natural gas and natural gas liquids assets.
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