JPMorgan, Wells Fargo Lead Increase to Antero Facility
Antero Resources announced that effective June 27, 2013 the lender commitments under its bank credit facility increased to $1.45 billion. This represents a $250 million increase over Antero’s previous lender commitments of $1.2 billion driven by the May 2013 borrowing base redetermination. The $1.45 billion in commitments can be expanded to the full $1.75 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 nine domestic and seven foreign institutions. The next borrowing base redetermination is expected to occur in September 2013. Antero has $25 million of debt maturing prior to the May 2016 maturity of the credit facility.
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.