Antero Resources Files for $1 Billion Initial Public OfferingElizabeth Wollman
Antero Resources Corp., the natural gas company backed by Warburg Pincus LLC, filed to raise $1 billion in an initial public offering.
Barclays Plc, Citigroup Inc. and JPMorgan Chase & Co. will manage the deal, according to a regulatory filing today. The amount is a placeholder used to calculate fees and is subject to change. The Denver-based company didn’t specify the number of shares or price range in the filing.
Antero, founded in 2002 by Chief Executive Officer Paul Rady and President Glen Warren, develops natural gas in the Appalachian Basin in West Virginia, Ohio and Pennsylvania. A group including Warburg Pincus and Yorktown Partners LLC funded the company in early 2003 and led a $1 billion line-of-equity financing in 2007.
Proceeds from the offering will be used to repay Antero’s debt and fund capital expenditures, according to the filing. The shares will be listed on the New York Stock Exchange under the symbol AR.
Antero posted revenue of $736 million last year, up 6.4 percent compared with 2011, according to the filing. The company reported a loss of $285 million in 2012, compared with net income of $393 million in the year-earlier period.