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Penn Virginia Announces Pricing Of $300M In Notes

The Associated Press

RADNOR, Pa. (AP) — Penn Virginia Corp., a natural gas and oil company, said Thursday it has priced a public offering of $300 million in senior notes due 2016.

The notes will bear an interest rate of 10.375 percent.

The Radnor, Pa.-based company expects to close on the sale of the notes June 15. It will use the proceeds to repay part of its debt from a revolving credit line.

JPMorgan Securities, Banc of America Securities, Wachovia Capital Markets and Barclays Capital are the joint book-running managers for the deal.

Penn Virginia shares closed Wednesday at $20.12.