Finance & Investing | Capital Markets | Private Equity Activity
Appalachia Player Antero Ups Borrowing Base to $2.0 Billion
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Antero Resources has reported that the borrowing base under its bank credit facility has been increased to $2.0 billion.
This represents a $250 million increase over Antero's previous borrowing base announced in May 2013. In addition, lender commitments under the facility were increased by $300 million to $1.75 billion. The $1.75 billion commitment can be expanded to the full $2.0 billion borrowing base upon bank approval.
The bank syndicate, which is co-led by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A., is a diversified group consisting of ten domestic and seven foreign institutions. As of June 30, 2013, Antero had $960 million drawn under the credit facility and $32 million in letters of credit outstanding, resulting in $758 million of available liquidity and over $1.0 billion of unused borrowing base capacity.