Vanguard prices public offering of Series C preferred units

Vanguard Natural Resources LLC

Vanguard Natural Resources LLC (NASDAQ: VNR) has priced its public offering of 4,000,000 of its 7.75% Series C cumulative redeemable perpetual preferred units at a price of $25 per unit.

The underwriters have been granted a 30-day option to purchase up to an additional 600,000 Series C preferred units from the company at the public offering price less the underwriting discount. Distributions will be payable on the Series C preferred units at an initial rate of 7.75% per annum of the stated liquidation preference of $25.

The offering is expected to close on Sept. 15. The company expects to receive net proceeds of $96.6 million (or $111.1 million if the underwriters exercise their option to purchase an additional 600,000 Series C preferred units), after deducting underwriting discounts and estimated offering expenses, from the offering and intends to use the net proceeds from the offering to repay a portion of its indebtedness outstanding under its senior secured revolving credit facility.

Morgan Stanley and UBS Investment Bank are acting as joint book-running managers for the offering.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...