JPMorgan and Wells Fargo Lead Antero Resources Syndicate
Antero Resources announced that the borrowing base under its bank credit facility increased to $2.0 billion. This represents a $250 million increase over Antero’s previous borrowing base announced in May 2013.
In addition, lender commitments under the facility were increased by $300 million to $1.75 billion. The $1.75 billion commitment can be expanded to the full $2.0 billion borrowing base upon bank approval.
The bank syndicate, which is co-led by JPMorgan Chase Bank and Wells Fargo Bank, is a diversified group consisting of 10 domestic and seven foreign institutions. As of June 30, 2013, Antero had $960 million drawn under the credit facility and $32 million in letters of credit outstanding, resulting in $758 million of available liquidity and over $1.0 billion of unused borrowing base capacity.
Antero Resources is an independent oil and natural gas company engaged in the acquisition, development and production of unconventional oil and liquids-rich natural gas properties primarily located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania.