JPMorgan, Wells Lead Antero Facility Increase
Antero Resources announced the borrowing base under its bank credit facility has been increased to $4 billion. This represents a $1 billion increase over Antero’s previous borrowing base announced in May 2014. In addition, lender commitments under the facility were increased by $500 million to $3 billion. The $3 billion commitment can be expanded to the full $4 billion borrowing base upon bank approval.
The bank syndicate, which is co-led by JPMorgan Chase Bank and Wells Fargo Bank, was expanded to add five banks increasing the number of participants to 26 banks. As of June 30, 2014, and adjusted for this borrowing base and lender commitment increase, Antero had $1.2 billion drawn under the facility and $237 million in letters of credit outstanding, resulting in $1.5 billion of available liquidity and over $2.5 billion of unused borrowing base capacity. The next redetermination of the borrowing base is scheduled to occur in the second quarter of 2015.
Antero Resources is an oil and natural gas company engaged in the acquisition, development and production of unconventional oil and liquids-rich natural gas properties located in the Appalachian Basin in West Virginia, Ohio and Pennsylvania.