Ascent Resources Subsidiaries Complete $1.5 Billion High Yield Offering of Senior Notes

April 5, 2017

Ascent Resources Utica Holdings, LLC (ARUH) and ARU Finance Corporation (ARUF), two subsidiaries of S&C client Ascent Resources, LLC (Ascent), completed a high yield offering of $1.5 billion aggregate principal amount of their 10.00% senior notes due 2020, guaranteed by Ascent Resources – Utica, LLC (ARU), and ARUH entered into a new $1.5 billion senior secured revolving credit facility, guaranteed by ARU and ARUF and secured by substantially all of the credit parties' assets. The proceeds of the transaction, including a concurrent $100 million equity contribution, were in part used to refinance ARU's existing first lien revolving credit facility and second lien term loan.

Ascent is an independent natural gas and oil company headquartered in Oklahoma City with approximately 280,000 net acres purchased or under contract in the Appalachian Basin. ARU is focused on the acquisition, development and production of unconventional natural gas, natural gas liquids and oil resources in the Utica Shale play in eastern Ohio.

The S&C team advising Ascent was led by John Estes, along with John Anselmi, Benjamin Kent, Noam Weiss, Daniel Lorme, Moritz Raepple, Precious Nwankwo and Michael Wasil. David Hariton, Andrew Mason and Max O'Neill advised on tax matters; Mehdi Ansari and Joshua Steinberger advised on intellectual property matters; Matthew Brennan advised on environmental matters; and Dana Brodsky advised on ERISA matters.