Nov. 15, 2011
Penn Virginia Resource Partners, L.P. (NYSE: PVR) today announced the pricing of the public offering of 7,000,000 common units representing limited partner interests in PVR. The common units were priced at
per unit. In connection with the offering, PVR granted the underwriters a 30-day option to purchase a maximum of 1,050,000 additional common units to cover over-allotments, if any. PVR expects to close the sale of the common units on
November 18, 2011
, subject to customary closing conditions.
PVR estimates that the net proceeds from the offering will be approximately
if the underwriters exercise in full their option to purchase additional common units), after deducting underwriting discounts and commissions and estimated expenses, and intends to use all of the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility.
BofA Merrill Lynch, Citigroup, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities
are acting as joint book-running managers and representatives of the underwriters in connection with the offering. When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the following:
BofA Merrill Lynch, Attn: Prospectus Department, 4 World Financial Center,
New York, NY
Citigroup, Attn: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
11717, Telephone: 866-802-9204
RBC Capital Markets, Attn: Prospectus Department, 3 World Financial Center, 200 Vesey Street, 8th Floor,
New York, NY
10281, Telephone: 877-822-4089
Wells Fargo Securities, Attn: Equity Syndicate Department, 375 Park Avenue,
New York, NY
An electronic copy of the preliminary prospectus supplement and the accompanying base prospectus is available from the Securities and Exchange Commission's (the "SEC") website at
The common units will be offered and sold pursuant to an effective shelf registration statement previously filed by PVR with the SEC. This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus supplement and the accompanying base prospectus.