OKLAHOMA CITY, Dec. 14, 2020 /PRNewsCentre/ — Ascent Resources Utica Holdings, LLC (together with its subsidiaries, "Ascent") announced today that it, with its wholly-owned subsidiary, ARU Finance Corporation, has priced a private offering of $300 million in aggregate principal amount of 8.250% senior unsecured notes due 2028 (the "2028 Notes") at par. Ascent will use the proceeds of the 2028 Notes offering to pay down a portion of the outstanding borrowings under its revolving credit facility. Closing of the 2028 Notes offering is expected to occur on December 17, 2020, subject to customary closing conditions.
The 2028 Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. The 2028 Notes are being offered and sold only to persons reasonably believed to be qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of the 2028 Notes in any state or jurisdiction in which such offer, solicitation or sale is unlawful.
About Ascent Resources:
Ascent is the eighth largest producer of natural gas in the United States in terms of daily production and is focused on acquiring, developing, producing, and operating natural gas and oil properties located in the Utica Shale in Southeast Ohio. With a continued focus on good corporate citizenship, Ascent is committed to mitigating its environmental impact, while delivering low-cost, clean-burning energy to our country and the world.
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Forward-looking statements in this press release include, but are not limited to, statements regarding the offering of the 2028 Notes, including the completion of the offering and the anticipated use of proceeds therefrom. These statements are not guarantees of future performance and are subject to known and unknown risks and uncertainties. Actual results may vary materially from those expressed or implied in this press release. These statements are made as of the date of this press release and Ascent undertakes no duty or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Director of Finance & Investor Relations
SOURCE: Ascent Resources, LLC