Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the Rule 144A/Regulation S offering by Ascent Resources Utica Holdings, LLC (“ARUH”) and ARU Finance Corporation of $1.5 billion aggregate principal amount of 10% Senior Notes due 2022. ARUH used the net proceeds of the notes offering to repay indebtedness outstanding under a second lien term loan and for general corporate purposes. Simpson Thacher also represented JPMorgan Chase Bank, N.A. as administrative agent in connection with a new $1.5 billion senior secured reserve-based revolving credit facility for ARUH with an initial borrowing base of $650 million.
ARUH is an independent exploration and production company engaged in the acquisition, exploration and development of natural gas, oil and NGL properties in the Utica play of the Appalachian Basin.
The Simpson Thacher team included Art Robinson, John Ericson, Jonathan Ozner, Nakita Cuttino and Jonathan Zane (Capital Markets); Robert Rabalais, Brian Minyard, Brandan Still, Peter Raish and Michael Vacca (Credit); Morgan Otway (Tax); Cecillia Xie (IP); Patricia Adams (ECEB); Jennie Getsin (Blue Sky); and Tim Mulvihill (Environmental).