Vanguard Natural Resources LLC (NasdaqGS: VNR) priced a public offering of 7 million Series B cumulative, redeemable perpetual preferred units, the company said March 5. The units stand at 7.625% and are $25 each, the company added.
A monthlong underwriters’ option, to purchase up to 1,050,000 additional units was granted, Vanguard Natural Resources noted.
Net proceeds of roughly $194.7 million are expected including the underwriters’ option, while $169.2 million in proceeds are expected without it, the company said.
Vanguard Natural Resources will use proceeds to repay part of its debt ...