Antero Midstream Calls for Redemption of $650 Million Senior Notes Due 2028

Full Redemption of Outstanding Debt Instruments

Antero Midstream Corporation disclosed that it is redeeming the entirety of its $650 million principal amount of 5.75% Senior Notes Due 2028. The redemption notice was issued on July 24, 2026, with an effective redemption date set for August 8, 2026. This action represents a complete retirement of this particular debt series, eliminating the company's obligation to repay the notes at their original 2028 maturity date. The decision to redeem the full amount indicates management's strategic approach to debt management and capital allocation.

The redemption price structure provides for payment at par value, meaning noteholders will receive 100% of the principal amount they invested. In addition to the principal repayment, the company will pay accrued and unpaid interest calculated up to, but not including, the redemption date of August 8, 2026. This pricing structure is standard for debt redemptions and ensures that investors receive all interest accrued through the redemption effective date.

Redemption Price and Investor Compensation Terms

The company disclosed that the redemption price equals 100.00% of the principal amount of each note called for redemption, plus accrued and unpaid interest calculated to the redemption date. This par-value redemption means investors will recover their full principal investment without premium or discount, a straightforward redemption structure. The inclusion of accrued interest ensures that noteholders receive compensation for the time value of their investment from the last interest payment date through August 8, 2026.

Investors holding these 5.75% Senior Notes will need to prepare for the August 8, 2026, redemption date to ensure proper settlement of their positions. The company's use of par-value pricing suggests no significant credit concerns or market stress factors influenced the redemption decision. This redemption approach provides transparency regarding the amount noteholders can expect to receive on the effective redemption date.

Timing and Notice Requirements for the Redemption Event

The announcement was made on July 24, 2026, providing noteholders with approximately two weeks' notice before the August 8, 2026, redemption date. This timeframe allows investors and custodians adequate time to process the redemption, update records, and prepare for settlement. The Notice of Redemption, dated July 24, 2026, constitutes the formal redemption notice required under the terms of the senior notes indenture and applicable securities regulations.

The disclosure clarifies that the current Form 8-K filing is not itself the notice of redemption but rather a regulatory update disclosing the redemption decision. The actual Notice of Redemption document, dated July 24, 2026, serves as the binding redemption notice. This distinction ensures that investors and the market understand the proper source and effective date of the redemption call.

Debt Instrument Details and Original Terms

The 5.75% Senior Notes Due 2028 represent a fixed-income obligation of Antero Midstream carrying a coupon rate of 5.75% annually. The notes were originally scheduled to mature in 2028, but the early redemption call accelerates their repayment to August 8, 2026—approximately two years before the scheduled maturity. The principal amount outstanding at the time of redemption is $650 million, representing the full amount of this debt series issued and still held by investors.

The coupon rate of 5.75% reflects the company's borrowing costs when the notes were issued and has remained fixed throughout the life of the instrument. Early redemption of these notes removes the fixed 5.75% coupon obligation from the company's balance sheet and allows management to address its debt structure. The decision to redeem ahead of maturity typically reflects either improved financial conditions, favorable refinancing opportunities, or strategic capital allocation decisions by management.

Regulatory Treatment and Disclosure Framework

Antero Midstream disclosed this transaction pursuant to Regulation FD (Fair Disclosure), which requires material information to be disclosed simultaneously to all market participants. The company filed a Form 8-K under Item 7.01 (Regulation FD Disclosure), indicating that the redemption announcement constitutes material non-public information that required timely disclosure. This regulatory approach ensures that all investors receive the redemption information at the same time, preventing selective disclosure and market manipulation concerns.

The disclosure explicitly states that the information furnished in Item 7.01 is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and is not subject to the liabilities of that section. Additionally, the information is not deemed incorporated by reference in any other securities filing unless expressly set forth by specific reference. This standard disclaimer language is typical for Regulation FD disclosures and clarifies the legal treatment of the information provided in the current report.

Delaware Corporation Status and Stock Exchange Information

Antero Midstream Corporation is a Delaware corporation with Commission File Number 001-38075 and IRS Employer Identification Number 61-1748605. The company's principal executive offices are located at 1615 Wynkoop Street, Denver, Colorado 80202. The company's common stock is traded on the New York Stock Exchange under the ticker symbol AM, providing public investors with liquidity in the equity markets. The company's telephone number for investor inquiries is (303) 357-7310.

The Delaware incorporation structure is common among publicly traded corporations and provides established legal frameworks for corporate governance and operations. The NYSE listing ensures that the company's equity securities benefit from the exchange's trading infrastructure, surveillance systems, and listing standards. The company maintains standard investor communication channels for shareholders seeking additional information about corporate developments.

Corporate Decision-Making Authority and Execution

The disclosure was signed by Justin J. Agnew, Chief Financial Officer and Vice President of Finance at Antero Midstream Corporation, on July 27, 2026. The CFO's authority to execute and authorize the filing indicates that the redemption decision was approved by appropriate levels of corporate management. This signature authority requirement ensures that senior financial officers have reviewed and validated the accuracy of the redemption announcement and related disclosures.

The three-day lag between the redemption announcement date (July 24, 2026) and the Form 8-K filing date (July 27, 2026) reflects standard corporate timelines for preparing and filing regulatory disclosures with the Securities and Exchange Commission. The CFO's direct involvement in signing the Form 8-K confirms management's responsibility for the accuracy and completeness of the information disclosed to investors and regulators.

Financial Implications of Early Debt Retirement

The redemption of $650 million in senior notes represents a significant capital allocation decision by Antero Midstream. By redeeming the notes at par value rather than allowing them to mature in 2028, the company accelerates the removal of these debt obligations from its capital structure. The redemption eliminates the company's obligation to pay the 5.75% coupon on this debt series, which may reduce future interest expense depending on how the company finances the redemption payment.

The specific financing method for the redemption—whether through existing cash, borrowed funds, or asset sales—was not disclosed in the current announcement. Investors may be watching for subsequent disclosures that clarify the funding source and any resulting changes to the company's leverage ratios, liquidity position, or capital structure. The redemption decision reflects management's strategic view regarding optimal debt levels and cost of capital for the company's operations.

Investor Considerations and Next Steps

Noteholders of the 5.75% Senior Notes Due 2028 should note that all outstanding notes are being called for redemption, meaning no notes will remain outstanding beyond the August 8, 2026, redemption date. Investors holding these notes should ensure their custodians and brokers are prepared to process the redemption on the effective date. The redemption will result in the termination of the 5.75% coupon payments on this debt series and return of principal to investors.

The immediate share price impact of the announcement was not clear from available public information. Investors may wish to monitor Antero Midstream's equity price action and subsequent investor communications for additional context regarding management's capital allocation priorities and future debt management strategy. The company has not disclosed details regarding planned refinancing or alternative uses of capital in connection with this redemption announcement.