Antero Resources Floats 27M Shares of New Stock to Buy Acreage

|
antero resourcesAs we pointed out in our companion story today, Antero Resources took Southwestern Energy to cleaners in buying 55,000 of Marcellus/Utica acres for about one-third less than Southwestern paid for the acreage just two years ago (see Antero Takes Southwestern to Cleaners in Deal for 55K Marc. Acres). Antero is purchasing the acreage for $450 million. They don't just have that kind of cash laying around, so they have to get the cash. In addition to announcing the deal yesterday, Antero also announced a new stock offering--selling off more ownership in the company. Antero plans to float 26,750,000 new shares of stock and hopes to get $762 million for it--covering the cost of the acreage deal with Southwestern plus some extra for "general corporate purposes"...

To view this content, log into your member account. (Not a member? Join Today!)