Antero Resources reports that the borrowing base under its bank credit facility has been increased to $2 billion, representing a $250 million increase over Antero's previous borrowing base announced in May. In addition, lender commitments under the facility were increased by $300 million to $1.75 billion. The $1.75 billion commitment can be expanded to the full $2 billion borrowing base upon bank approval.
The bank syndicate, which is co-led by JPMorgan Chase Bank NA and Wells Fargo Bank NA, is a diversified group consisting of 10 domestic and seven foreign institutions. As of June 30, Antero had $960 million drawn under the credit facility and $32 million in letters of credit outstanding, resulting in $758 million of available liquidity and over $1 billion of unused borrowing base capacity.
In other news, Antero has appointed Richard W. Connor to its board of directors. He has also been appointed to serve as chairman of the company's audit committee.
Prior to his retirement in 2009, Connor was an audit partner with KPMG LLP, where he principally served publicly traded clients in the energy, mining, telecommunications and media industries for 38 years. He was elected to the partnership in 1980, and, from 1996 to 2008, he served as the managing partner of KPMG's Denver, Colorado, office. He earned his Bachelor of Science degree in accounting from the University of Colorado.
Connor is a member of the board of directors of the Boulder, Colorado-based Zayo Group LLC, a provider of bandwidth infrastructure and co-location services. He is also a director of Centerra Gold Inc., a Toronto-based gold mining company. Locally, he serves on the University of Colorado Leeds School of Business advisory board.