Oklahoma City-based Ascent Resources Utica Holdings, LLC announced Monday it was seeking $300 million in investments through the offering of senior unsecured notes due 2028.
The offering was made with Ascent’s wholly-owned subsidiary ARU Finance Corporation.
The company stated it will use the proceeds to pay down part of its outstanding borrowings under its revolving credit facility.
In early November, Ascent reported a third quarter 2020 net loss of $552 million and an adjusted net loss of $22 million. A year earlier, the company had net income of $130 million and adjusted net income of $86 million.
It also reported in November 2020 that it had outstanding debt of approximately $2.8 billion including $1.2 billion drawn under its revolving credit facility. At the end of September, the company had $155 million of letters of credit issued and $527 million of available capacity under its fully committed $1.85 billion borrowing base.