Penn Virginia Prices Public Offering

Penn Virginia(PVA Quote) went to the equity market with its hand out and found cash -- though the offering price came at a bit of a discount.

The Pennsylvania-based oil and gas producer priced a public stock offering of 3.5 million shares today, while also granting a 30-day option for underwriters to purchase up to another 525,000 shares. The company announced that the deal will close on May 22, with proceeds from the sale being used to pay down an outstanding credit line.

At an offering price of $19.00 a share, that puts the total take at $66.5 million. The price was well below Monday's stock close at $20.22. As of May 7, 2009, the company had more than 41 million shares of common stock. ...