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
. 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:
UBS 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:
Phone: (888) 603-5847
StifelAttn: Syndicate DepartmentOne South Street, 15th FloorBaltimore, MD 21202Phone: (855) 300-7136