Ascent Resources, LLC announced the final results and expiration of its previously announced “unmodified reverse Dutch auction” tender offer to purchase for cash up to $25 million of some of its common shares.
The offer by the Oklahoma City-based oil and gas firm included the Company’s Series A units and Series B units at a price per Common Unit not greater than $23.75, subject to applicable withholding and without interest. The Tender Offer was made subject to certain terms and conditions as described in the offer to purchase, dated as of December 17, 2024, and the related letter of transmittal.
As of 5:00 p.m. ET on January 20, 2025, valid tenders have been delivered with respect to a total of 2,436,939 Common Units. The Company has accepted for purchase a total of 1,225,908 Common Units at prices ranging from $7.50 to $23.06 per Common Unit for an aggregate Purchase Price of $25 million. The Company will pay the applicable Purchase Prices in cash, subject to applicable withholding and without interest, promptly after the Expiration Time, to unitholders whose Common Units were accepted for purchase pursuant to the Tender Offer.
Ascent will use cash on hand and/or borrowings available under the senior secured reserve-based revolving credit facility of its wholly owned subsidiary, Ascent Resources Utica Holdings, LLC, to fund the Settlement.