Vanguard Natural Resources LLC (VNR) said it has priced its 8.0 million common units offering, representing limited liability company interests in the company at $27.85 per unit. The underwriters were granted a 30-day option to buy up to an additional 1.20 million units from the company at the public offering price less the underwriting discount. The offering may close on February 5, 2013.
The company is likely to receive net proceeds of nearly $214.0 million or some $246.1 million if the underwriters exercise their option to purchase an additional 1.20 million units, after deducting underwriting discounts and estimated offering expenses, from the offering and would use the net proceeds to repay a portion of its indebtedness outstanding under its senior secured revolving credit facility, which was incurred in part to fund recent acquisitions.
by RTT Staff Writer
For comments and feedback: email@example.com