Ascent Resources’ $856.7 Million Exchange Offer


Simpson Thacher represented Dealer Managers in the transaction.

Ascent Resources Utica Holdings, LLC executed its exchange offer in which approximately $856.7 million outstanding aggregate principal amount of 10% Senior Notes due 2022 were exchanged for a combination of $538 million aggregate principal amount of new first lien senior secured term loans maturing 2025 and $318.7 million aggregate principal amount of 9% Senior Notes due 2027, and the solicitation of consents from holders of the outstanding 10% Senior Notes due 2022.

Approximately 92.7% of the 10% Senior Notes due 2022 were validly tendered and not validly withdrawn prior to the expiration date. The exchange offer settled on October 13, 2020.

Ascent is the eighth largest producer of natural gas in the United States in terms of daily production and is focused on acquiring, developing, producing and operating natural gas and oil properties located in the Utica Shale in Southeast Ohio.

Simpson Thacher represented the dealer managers and solicitation agents, led by J.P. Morgan Securities LLC, with a team included Art Robinson (Picture), John C. Ericson, Sung Bum Cho and Nicholas Halliburton (Capital Markets); Robert Rabalais, Brandan Still, Brandon Barton and Jason Lawrence (Banking & Credit); Marcy Geller and Sophie Staples (Tax); Melanie Jolson and Kate Mirino (Intellectual Property); Patricia Adams (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).

Involved fees earner: Patricia Adams – Simpson Thacher & Bartlett; Brandon Barton – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; John Ericson – Simpson Thacher & Bartlett; Marcy Geller – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Nicholas Halliburton – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Jason Lawrence – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Robert Rabalais – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Brandan Still – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: J.P. Morgan Securities LLC;

Author: Ambrogio Visconti