The offer will not be greater than $23.75 per common unit and subject to applicable withholding and without interest.
An “unmodified reverse Dutch auction” tender offer requires the holders of Common Units who wish to participate in the Tender Offer to specify the number of Common Units such Unitholder wishes to tender and the minimum price per Common Unit such Unitholder is willing to accept in exchange for the tendered Common Unit.
Ascent explained it intends to fund the Tender Offer with 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.
The following table describes certain terms of the Tender Offer:
|
Title of Security |
Tender Cap |
Maximum Purchase Price Per Common Unit |
||
|
Series A Units |
$25,000,000 |
Up to $23.75 |
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|
Series B Units |
Each Unitholder’s prospective Bid Price may not be more than $23.75. Tenders of Common Units greater than this price will not be accepted. Following 5:00 PM, Eastern Time, on April 29, 2025 (the “Expiration Date”), Ascent will accept tendered Common Units for purchase at the associated Bid Price in ascending Bid Price order (i.e. the Company will accept tendered Common Units with the lowest Bid Price first). The Company will continue to accept tendered Common Units for purchase at increasing Bid Prices (each, a “Purchase Price”) until it has spent up to an aggregate purchase price specified in the Tender Offer equal to the Tender Cap.