Antero Midstream Floats $650M in New IOUs

antero-midstreamLast Thursday Antero Midstream, the wholly-owned midstream subsidiary of powerhouse Marcellus/Utica driller Antero Resources, announced it is floating a round of “senior notes” (otherwise known as IOUs) to help the company pay off older debt. New debt for old debt. Not a game we enjoy playing, but Wall Streeters dig it. Antero Midstream first said they hoped to get $500 million for the notes, but later issued a second announcement “upsizing” the offering (like supersizing your fries at McDonalds) to $650 million. Such upsizing is typical (we’ve seen it dozens of times before). Here’s the announcements from Antero from last week…

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