Antero Midstream Announces Launch of $500 Million Offering of Senior Notes
Antero Midstream (NYSE: AM) has announced plans to offer $500 million in senior unsecured notes due 2033 through a private placement to eligible purchasers. The company intends to use the proceeds, along with borrowings from its revolving credit facility, to fully redeem its 5.75% senior notes due 2027.
The new notes will be offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. The redemption of the 2027 notes is contingent on the completion of the new notes offering, while the new notes offering itself is not contingent on the redemption.
Antero Midstream (NYSE: AM) ha annunciato l'intenzione di offrire, tramite collocamento privato riservato a acquirenti idonei, 500 milioni di dollari di obbligazioni senior non garantite con scadenza 2033. La societ脿 prevede di utilizzare il ricavato, insieme a finanziamenti dal proprio plafond di credito revolving, per rimborsare integralmente le sue obbligazioni senior 5,75% in scadenza 2027.
Le nuove obbligazioni saranno offerte esclusivamente a compratori istituzionali qualificati ai sensi della Rule 144A e a soggetti non statunitensi ai sensi della Regulation S del Securities Act. Il rimborso delle obbligazioni 2027 dipende dal completamento dell'offerta delle nuove obbligazioni, mentre l'offerta delle nuove obbligazioni non 猫 a sua volta condizionata al rimborso.
Antero Midstream (NYSE: AM) ha anunciado planes para ofrecer, mediante colocaci贸n privada a compradores elegibles, 500 millones de d贸lares en notas senior no garantizadas con vencimiento en 2033. La compa帽铆a tiene la intenci贸n de usar los ingresos, junto con pr茅stamos de su l铆nea de cr茅dito revolvente, para redimir totalmente sus notas senior 5,75% con vencimiento en 2027.
Las nuevas notas se ofrecer谩n exclusivamente a compradores institucionales cualificados bajo la Rule 144A y a personas no estadounidenses bajo la Regulation S del Securities Act. La redenci贸n de las notas de 2027 est谩 supeditada a la finalizaci贸n de la oferta de las nuevas notas, mientras que la propia oferta de las nuevas notas no depende de la redenci贸n.
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Antero Midstream (NYSE: AM) a annonc茅 son intention d'offrir, par placement priv茅 脿 des acqu茅reurs 茅ligibles, 500 millions de dollars de billets senior non garantis arrivant 脿 茅ch茅ance en 2033. La soci茅t茅 pr茅voit d'utiliser le produit, ainsi que des emprunts sur sa facilit茅 de cr茅dit renouvelable, pour rembourser int茅gralement ses bills senior 5,75% arrivant 脿 茅ch茅ance en 2027.
Les nouvelles obligations seront propos茅es exclusivement 脿 des acheteurs institutionnels qualifi茅s en vertu de la Rule 144A et 脿 des personnes non am茅ricaines en vertu de la Regulation S du Securities Act. Le remboursement des titres 2027 est conditionn茅 脿 l'ach猫vement de l'offre des nouvelles obligations, tandis que l'offre des nouvelles obligations n'est pas conditionn茅e au remboursement.
Antero Midstream (NYSE: AM) hat Pl盲ne angek眉ndigt, 500 Millionen US-Dollar in unbesicherten vorrangigen Schuldverschreibungen mit F盲lligkeit 2033 im Rahmen einer Privatplatzierung an berechtigte K盲ufer anzubieten. Das Unternehmen beabsichtigt, die Erl枚se zusammen mit Kreditaufnahmen aus seiner revolvierenden Kreditlinie zu verwenden, um seine 5,75% vorrangigen Schuldverschreibungen mit F盲lligkeit 2027 vollst盲ndig zur眉ckzuzahlen.
Die neuen Schuldverschreibungen werden ausschlie脽lich qualifizierten institutionellen K盲ufern nach Rule 144A und Nicht-US-Personen nach Regulation S des Securities Act angeboten. Die R眉ckzahlung der 2027er-Papiere h盲ngt vom Abschluss des Angebots der neuen Schuldverschreibungen ab, w盲hrend das Angebot der neuen Papiere nicht von der R眉ckzahlung abh盲ngig ist.
- Refinancing of existing debt indicates proactive debt management
- Extension of debt maturity from 2027 to 2033 improves debt structure
- Access to institutional debt markets demonstrates market confidence
- Additional borrowing from revolving credit facility will be required to complete the redemption
- Potential increase in interest expense depending on new notes' pricing
- Company faces various operational risks including commodity price volatility and inflation
Insights
Antero Midstream's $500M debt refinancing extends maturity profile while potentially lowering interest costs in today's rate environment.
Antero Midstream's announcement to offer
This refinancing comes at an opportune time in the debt markets. While the new notes' interest rate isn't specified, the company is likely capitalizing on the current interest rate environment to potentially secure more favorable terms compared to the
For a midstream company like Antero that generates relatively stable cash flows from its gathering, compression, processing, and water handling assets, extending debt maturities enhances financial flexibility. This move aligns with prudent balance sheet management practices typical in capital-intensive infrastructure businesses, allowing the company to better match its long-lived assets with extended liability timeframes.
The transaction structure, which makes the redemption of 2027 notes contingent on the new offering but not vice versa, provides the company flexibility to adjust its approach based on market reception to the new notes offering. This strategic debt management should support Antero Midstream's ongoing operations in the Appalachian Basin, particularly as it services Antero Resources' properties.
Antero Midstream intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility, to redeem in full its
The Notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release shall not constitute a notice of redemption of the 2027 Notes.
Antero Midstream Corporation is a
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources Corporation's drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources Corporation's future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed Quarterly Reports on Form 10-Q.
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