Simpson Thacher represented the initial purchasers, led by BofA Securities, Inc., in connection with the Rule 144A/Regulation S offering by Ascent Resources Utica Holdings, LLC and ARU Finance Corporation (together, “Ascent”) of $500 million aggregate principal amount of 6.625% Senior Notes due 2033.
Ascent intends to use the net proceeds of the notes offering, together with cash on hand and borrowings under its revolving credit facility, to fund the redemption of all of its outstanding 8.25% senior notes due 2028.
Ascent is one of the largest private producers of natural gas in the United States and is focused on acquiring, developing, and operating natural gas and oil properties located in the Utica Shale in southern Ohio.
The Simpson Thacher team included John C. Ericson, Brian Rosenzweig, Matt Hart, Margaret Selbe and Lidia Kurganova (Capital Markets); Jonathan Cantor and Jiha Min (Tax); Corina Holland (Intellectual Property); Pasco Struhs (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).