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Ohio Utica Shale

Antero Resources announces initial stock price at $44 a share

By Bob Downing Published: October 14, 2013

From Antero Resources late last week:

 

DENVER, Oct. 9, 2013 /PRNewswire/ -- Antero Resources Corporation (the "Company") today announced the pricing of its initial public offering of 35,725,000 shares of its common stock at $44.00 per share. The shares are expected to begin trading on the New York Stock Exchange on October 10, 2013 under the ticker symbol "AR." The selling stockholder named in the registration statement has granted the underwriters a 30-day option to purchase up to an additional 3,409,091 shares of the Company's common stock held by the selling stockholder to cover over-allotments if the underwriters sell more than 35,725,000 shares of the Company's common stock. The Company has also granted the underwriters a 30-day option to purchase up to an additional 1,949,659 shares of the Company's common stock held by the Company to cover over-allotments if the underwriters sell more than 39,134,091 shares of common stock. Any exercise by the underwriters of their options to purchase additional shares of common stock will be made initially with respect to the 3,409,091 additional shares of common stock to be sold by the selling stockholder and then with respect to the 1,949,659 additional shares of common stock to be sold by the Company. The offering is expected to close on October 16, 2013, subject to customary closing conditions.

The Company intends to use the net proceeds of approximately $1.5 billion to repay outstanding borrowings under its credit facility. The Company intends to use any proceeds received pursuant to any exercise by the underwriters of their option to purchase additional shares of the Company's common stock from the Company to repay the remaining borrowings outstanding under its credit facility and fund a portion of its drilling and development program. The Company will not receive any of the proceeds from the sale of shares of the Company's common stock by the selling stockholder pursuant to any exercise by the underwriters of their option to purchase additional shares of common stock from the selling stockholder.

Barclays, Citigroup, J.P. Morgan, Credit Suisse, Jefferies and Wells Fargo Securities are acting as book running managers of the offering.

 

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This offering will be made only by means of a written prospectus forming part of the effective registration statement. A copy of the prospectus meeting the requirements of Section 10 of the Securities Act of 1933, may be obtained, when available, from:

Barclays

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

barclaysprospectus@broadridge.com

Toll-Free: (888) 603-5847

 

Citigroup

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

batprospectusdept@citi.com

Toll-Free: (800) 831-9146

 

J.P. Morgan

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, New York 11717

Toll-Free: (866) 803-9204

 

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