Vanguard Natural Resources, LLC (NASDAQ: VNR) (the “Company”) today announced the pricing of its public offering of 7,000,000 7.625% Series B Cumulative Redeemable Perpetual Preferred Units (“Series B Preferred Units”) at a price of $25.00 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 1,050,000 Series B Preferred Units from the Company at the public offering price less the underwriting discount. Distributions will be payable on the Series B Preferred Units at an initial rate of 7.625% per annum of the stated liquidation preference of $25.00. The offering is expected to close on March 11, 2014, subject to customary closing conditions.
The Company expects to receive net proceeds of approximately $169.2 million (or approximately $194.7 million if the underwriters exercise their option to purchase an additional 1,050,000 Series B 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, UBS Investment Bank, Barclays, Stifel, Credit Suisse and MLV & Co. are acting as joint book-running managers for the offering. An investor may obtain a free copy of the prospectus supplement and accompanying base prospectus relating to the offering by visiting EDGAR on the website of the Securities and Exchange Commission (the “SEC”) at www.sec.gov. When available, a copy of the prospectus supplement and accompanying base prospectus relating to the offering also may be obtained from:
Morgan StanleyAttn: Prospectus Department180 Varick Street, 2nd FloorNew York, NY 10014Email: email@example.comUBS Investment BankAttn: Prospectus Dept.299 Park AvenueNew York, New York 10171Phone: (877) 827-6444Attn: Prospectus Specialist Barclaysc/o Broadridge Financial Solutions1155 Long Island Ave.Edgewood, NY 11717Email: firstname.lastname@example.orgPhone: (888) 603-5847 StifelAttn: Syndicate DepartmentOne South Street, 15th FloorBaltimore, MD 21202Phone: (855) 300-7136
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