[Context: Energy Minerals Group and First Reserve backed Ascent Resources issued 3.5bn units at $0.224 per unit to raise $787m in equity. The funds will be used to pay down debt.]

Ascent Resources, LLC Announces A $787 Million Equity Raise And Retirement Of Approximately $774 Million Of Debt Of Ascent Resources – Utica, LLC

OKLAHOMA CITY, Nov. 10, 2016 /PRNewswire/ — Ascent Resources, LLC (“Ascent”), announced today that it entered into agreements to sell approximately 3.5 billion common units (“Common Units”) in a private placement transaction, which is expected to result in net proceeds to Ascent of approximately $787 million.

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