$856 million raised in note exchange by OKC’s Ascent Resources


Oklahoma City’s Ascent Resources Utica Holdings, LLC and ARU Finance Corporation announced the expiration and final results of their previously announced series of Senior note exchanges, a move that raised more than $856 million for the company’s natural gas exploration in Ohio.

The exchange offer expired at 11:59 p.m. New York City time on Oct. 7 and involved 10% senior notes due 2022 and new 9% senior notes due 2027.

Ascent said nearly $856.7 million or 92.7% of the old notes was validly tendered and not validly withdrawn.

“We are extremely pleased with the positive results of this
exchange, one that affirms the quality of our business and our ability to execute differentially going forward,” said Ascent’s Chairman and CEO, Jeff Fisher.

“The transaction effectively extends our weighted average maturity to five years and provides us the ability to utilize free
cash flow generation to deleverage the balance sheet going forward. We remain well positioned to continue to exploit
our core position in the Ohio Utica Shale, while delivering industry leading operational and financial results and
maintaining the flexibility to take advantage of opportunities that may become available.”

Click here to view the entire Ascent press release

Source: Ascent Resources