Antero Midstream Announces Pricing of Upsized $650 Million Offering of Senior Notes
Antero Midstream (NYSE: AM) has priced an upsized private placement of $650 million in 5.75% senior unsecured notes due 2033 at par. The company expects to receive approximately $642 million in net proceeds after deducting initial purchasers' discounts and expenses.
The proceeds, combined with revolving credit facility borrowings, will be used to redeem all outstanding 5.75% senior notes due 2027. The offering is expected to close on September 22, 2025, subject to customary conditions. The notes are being offered exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Antero Midstream (NYSE: AM) ha collocato un aumento di capitale privato di 650 milioni di dollari in obbligazioni senior non garantite al 5,75% con scadenza 2033, emesse a valore nominale. La società prevede di ottenere circa 642 milioni di dollari di proventi netti dopo aver detratto gli sconti e le spese degli offerenti iniziali.
I proventi, insieme agli utilizzi della linea di credito revolving, serviranno a rimborsare tutte le obbligazioni senior al 5,75% in scadenza 2027. Il collocamento dovrebbe chiudersi il 22 settembre 2025, salvo condizioni consuete. Le note sono offerte esclusivamente a investitori istituzionali qualificati ai sensi della Rule 144A e a soggetti non statunitensi ai sensi del Regulation S.
Antero Midstream (NYSE: AM) ha colocado una emisión privada ampliada de 650 millones de dólares en bonos senior no garantizados al 5,75% con vencimiento en 2033, emitidos a la par. La compañÃa espera recibir aproximadamente 642 millones de dólares netos después de deducir los descuentos y gastos de los colocadores iniciales.
Los fondos, junto con los préstamos de la lÃnea de crédito revolvente, se utilizarán para redimir todos los bonos senior al 5,75% con vencimiento en 2027. La oferta está prevista que cierre el 22 de septiembre de 2025, sujeta a condiciones habituales. Las notas se ofrecen exclusivamente a compradores institucionales cualificados bajo la Rule 144A y a personas no estadounidenses bajo el Regulation S.
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Antero Midstream (NYSE: AM) a fixé le prix d’un placement privé augmenté de 650 millions de dollars d’obligations senior non garanties à 5,75% échéance 2033, émises au pair. La société prévoit de recevoir environ 642 millions de dollars de produits nets après déduction des remises et frais des preneurs initiaux.
Les fonds, combinés aux emprunts au titre de la ligne de crédit renouvelable, serviront à rembourser la totalité des obligations senior à 5,75% arrivant à échéance en 2027. L’opération devrait se clôturer le 22 septembre 2025, sous réserve des conditions habituelles. Les titres sont offerts exclusivement à des acheteurs institutionnels qualifiés selon la Rule 144A et à des personnes non américaines selon le Regulation S.
Antero Midstream (NYSE: AM) hat eine aufgestockte Privatplatzierung über 650 Mio. USD in 5,75% unbesicherten Senior-Anleihen mit Fälligkeit 2033 zum Nennwert bepreist. Das Unternehmen rechnet damit, nach Abzug der Abschläge und Kosten der anfänglichen Platzierer etwa 642 Mio. USD Nettoerlös zu erhalten.
Die Mittel werden zusammen mit Kreditaufnahmen aus der revolvierenden Kreditlinie verwendet, um alle ausstehenden 5,75%-Senior-Notes mit Fälligkeit 2027 zu tilgen. Der Abschluss der Platzierung wird voraussichtlich am 22. September 2025 erfolgen, vorbehaltlich üblicher Bedingungen. Die Notes werden ausschließlich qualifizierten institutionellen Käufern gemäß Rule 144A und Nicht-US-Personen gemäß Regulation S angeboten.
- Successful upsizing of the offering to $650 million demonstrates strong market demand
- Maintains same interest rate (5.75%) while extending debt maturity to 2033
- Strategic refinancing improves debt maturity profile
- Additional borrowing from revolving credit facility required to complete 2027 notes redemption
- Transaction costs will reduce net proceeds by approximately $8 million
Insights
Antero Midstream refinances debt with new 5.75% notes, effectively extending maturity from 2027 to 2033 without changing interest rate.
Antero Midstream (AM) has successfully priced an upsized $650 million offering of senior unsecured notes due 2033 at a 5.75% interest rate. The offering was increased from its original size, indicating strong investor demand for the company's debt. The transaction essentially replaces the company's existing 5.75% notes due 2027, effectively extending the maturity by six years while maintaining the same interest rate.
This refinancing represents a prudent liability management move that improves AM's debt maturity profile by pushing obligations further into the future. The company will maintain its interest expense at current levels since the coupon rate remains unchanged at 5.75%. With approximately
For a midstream company like Antero that operates capital-intensive infrastructure assets, maintaining financial flexibility through strategic debt management is crucial. This transaction demonstrates the company's proactive approach to liability management and its ability to access capital markets successfully. The unchanged interest rate despite the extended maturity suggests investors remain confident in AM's long-term business model serving Appalachian Basin producers, particularly its primary customer, Antero Resources Corporation.
Antero Midstream estimates that it will receive net proceeds of approximately
The Notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release shall not constitute a notice of redemption of the 2027 Notes.
Antero Midstream Corporation is a
This release includes "forward-looking statements." Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.
Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources Corporation's drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources Corporation's future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Item 1A. Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed Quarterly Reports on Form 10-Q.
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SOURCE Antero Midstream Corporation