Antero Resources Floats $600M of New Debt to Pay Down Old Debt

We've seen this routine play out dozens (maybe hundreds) of times over the years: Publicly-traded drilling companies float new IOUs (notes) to pay off older notes coming due. Why they never just pay them off and get out of debt we don't know--that's above our understanding of high finance. We just know this is the way it always has and likely always will work. Antero Resources, the third-largest natural gas producer in the U.S. and the second-largest NGL producer, focused entirely on drilling in the M-U (mainly in West Virginia) is the latest to do the IOU refinancing thing.

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