Ascent Resources Utica Holdings, LLC Announces Offering Of $1.5 Billion Of Senior Notes

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Mar 22, 2017, 07:30 ET

OKLAHOMA CITY, March 22, 2017 /PRNewswire/ -- Ascent Resources Utica Holdings, LLC ("ARUH") and ARU Finance Corporation ("Finco" and, together with ARUH, the "Issuers") announced today that they intend to offer $1.5 billion of senior unsecured notes ("Notes") in two series due in 2022 and 2025 in an unregistered offering to institutional investors. The Notes will be guaranteed by Ascent Resources – Utica, LLC ("ARU"). The net proceeds from the offering of each series of Notes will be used to retire the existing ARU second lien term loan and for general corporate purposes. Contemporaneously with the closing of the offering of the Notes, ARUH expects to enter into a new senior secured revolving credit facility with an initial borrowing base of $650 million that matures on the fifth anniversary of the closing date.

The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any other state or jurisdiction, and may not be offered or sold without registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation of an offer to buy or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

About Ascent Resources Utica Holdings, LLC:
ARUH was founded in June 2013. ARUH and its wholly owned subsidiary ARU were initially capitalized with equity commitments that were provided by various private equity sponsors, led by funds managed by The Energy & Minerals Group and First Reserve, and other institutional investors and individuals and entities associated with its founders.

About ARU Finance Corporation:
Finco is a wholly owned subsidiary of ARU and does not hold any assets or conduct any business, other than being a co-issuer of the existing ARU convertible notes. Finco will also be a co-issuer of the notes.

Contact:
Jack Lascar
Dennard - Lascar Associates
713-529-6600
[email protected]

SOURCE Ascent Resources, LLC