Oklahoma City-based Ascent, which was founded as part of Aubrey McClendon’s American Energy Partners and then spun off, sold 2.2 billion common units through a private placement at a price of 22.4 cents each.

When the deal closes around 24 March, Ascent will put the money into its Utica Shale subsidiary, Ascent Resources – Utica.

The transfer will allow Ascent Resources – Utica to redeem their 3.5%