Antero Resources Corp. (NYSE: AR) has priced an underwritten public offering of 13,100,000 shares of the company's common stock, resulting in gross proceeds of approximately $485 million.
The offering was upsized from the previously announced offering of 11,500,000 shares of common stock. In addition, the company has granted the underwriter a 30-day option to purchase up to an additional 1,900,000 shares of common stock. The common stock is being sold in the offering pursuant to an effective registration statement on Form S-3 previously filed with the Securities and Exchange Commission.
The offering is expected to close on March 10. Antero expects to use the net proceeds of the offering (including any proceeds from the exercise of the underwriter's option to purchase additional shares) to repay a portion of the outstanding borrowings under its credit facility.
Credit Suisse is acting as sole book-running manager for the offering.