The cash raised by the equity sales will allow Oklahoma City-based Ascent to swap out some of its debt for equity and reduce its overall borrowings.
The company, 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
