Antero Res. Selling $250-$300M in New Notes to Pay Down Debt

Today is "notes" day on MDN. Yesterday three major Marcellus/Utica drillers, including Southwestern, Range, and the subject of this post--Antero Resources--all said they are issuing notes, or what we think of as IOUs (debt) in varying amounts. All of the notes issued are for the same reason--to pay down debt. Issue new debt to pay down old debt. Only in the world of high finance! For Antero, the company is issuing $250 million with an extra option to issue another $50 million, or $300 million total, potentially.

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