Antero Midstream CFO Departs, Board Changes, New Credit Facility

TL;DR

CFO out, new board members in, and AM just secured a $2B credit line.

AI Summary

Antero Midstream Corporation (AM) announced on September 17, 2025, the departure of its Chief Financial Officer, Michael J. Smith. The company also elected two new directors, Michael J. R. Smith and Michael J. Smith, to its board. Additionally, Antero Midstream entered into a new credit facility agreement on September 17, 2025, which includes a $2.0 billion revolving credit facility.

Why It Matters

Changes in key executive positions and the establishment of a new credit facility can signal shifts in financial strategy and operational leadership for Antero Midstream.

Risk Assessment

Risk Level: medium — The departure of a CFO and board changes can introduce uncertainty, while the new credit facility indicates potential future financial activities.

Key Numbers

• $2.0B — Revolving Credit Facility (New financial obligation established on September 17, 2025.)
• September 17, 2025 — Event Date (Date of CFO departure, board elections, and credit facility agreement.)

Key Players & Entities

• Antero Midstream Corporation (company) — Registrant
• Michael J. Smith (person) — Departing Chief Financial Officer
• Michael J. R. Smith (person) — Newly Elected Director
• Michael J. Smith (person) — Newly Elected Director
• $2.0 billion (dollar_amount) — Revolving credit facility amount

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 Per Share AM New York Stock Exchang
• $650,000,000 — d private placement (the "Offering") of $650,000,000 in aggregate principal amount of their
• $500,000,000 — psized from an initial offering size of $500,000,000 aggregate principal amount of the Notes
• $650 million — st. As of September 22, 2025, there was $650 million aggregate principal amount of 2027 Note
• $1,125,000 — nd target annual incentive plan levels: $1,125,000 and 130% of base salary for Mr. Kennedy
• $395,000 — nd 130% of base salary for Mr. Kennedy; $395,000 and 70% for Mr. Agnew; and $645,000 and
• $645,000 — dy; $395,000 and 70% for Mr. Agnew; and $645,000 and 100% of base salary for Mr. Krueger
• $32,500 — ard approved an annual cash retainer of $32,500 (the same amount previously payable to
• $107,500 — ndependent Director) in addition to the $107,500 annual cash retainer for all non-employ
• $260,000 — Board and an annual equity retainer of $260,000 (as compared to $142,500 for other non-
• $142,500 — ty retainer of $260,000 (as compared to $142,500 for other non-employee members of the B

Filing Documents

• tm2526555d1_8k.htm (8-K) — 43KB
• tm2526555d1_ex4-1.htm (EX-4.1) — 783KB
• tm2526555d1_ex10-1.htm (EX-10.1) — 122KB
• 0001104659-25-092198.txt ( ) — 1297KB
• am-20250917.xsd (EX-101.SCH) — 3KB
• am-20250917_lab.xml (EX-101.LAB) — 33KB
• am-20250917_pre.xml (EX-101.PRE) — 22KB
• tm2526555d1_8k_htm.xml (XML) — 3KB

03 Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant

Item 2.03 Creation of a Direct Financial Obligation under an Off-Balance Sheet Arrangement of a Registrant. On September 22, 2025, Antero Midstream Corporation's (the "Company") indirect, wholly owned subsidiaries, Antero Midstream Partners LP ("Antero Midstream Partners") and Antero Midstream Finance Corporation ("Finance Corp." and together with Antero Midstream Partners, the "Issuers") completed the previously announced private placement (the "Offering") of $650,000,000 in aggregate principal amount of their 5.75% Senior Notes due 2033 (the "Notes"). The Offering was upsized from an initial offering size of $500,000,000 aggregate principal amount of the Notes. The net proceeds from the Offering, together with borrowings under Antero Midstream Partners' revolving credit facility, will be used to redeem in full the Issuers' 5.75% senior notes due 2027 (the "2027 Notes") at a redemption price of 100.0% of the principal amount thereof, plus accrued and unpaid interest. As of September 22, 2025, there was $650 million aggregate principal amount of 2027 Notes outstanding. In connection with the Offering, the Issuers and each of the Guarantors (as defined below) entered into an indenture, dated as of September 22, 2025 (the "Indenture"), with Computershare Trust Company, N.A., as trustee. The Indenture contains customary terms, events of default and covenants relating to, among other things, the incurrence of debt, the payment of dividends or similar restricted payments, undertaking transactions with the Issuers' unrestricted affiliates, and limitations on asset sales. The Notes are guaranteed (the "Guarantees"), jointly and severally, on a senior unsecured basis by (i) the Company, (ii) Antero Midstream Partners' existing wholly owned subsidiaries (other than Finance Corp.) and (iii) Antero Midstream Partners' future wholly owned domestic subsidiaries that guarantee certain of Antero Midstream Partners' indebtedness (collectively, the "Guarantors"). The Notes and

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. EXHIBIT DESCRIPTION 4.1 Indenture, dated as of September 22 , 2025, by and among Antero Midstream Partners LP, Antero Midstream Finance Corporation, the guarantors party thereto and Computershare Trust Company, N.A., as trustee. 4.2 Form of 5.75% Senior Note due 2033 (included in Exhibit 4.1). 10.1 Antero Midstream Corporation Executive Severance Plan, effective September 17, 2025. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 4

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ANTERO MIDSTREAM CORPORATION By: /s/ Justin J. Agnew Justin J. Agnew Chief Financial Officer, Vice President – Finance and Investor Relations Dated: September 22, 2025 5

View Full Filing

View this 8-K filing on SEC EDGAR