Penn Virginia Corp. (NYSE: PVA) announced that it has commenced concurrent underwritten public offerings of 12,000,000 shares of its common stock and $50 million of depositary shares each representing a fractional ownership interest in a share of convertible perpetual preferred stock. In connection with the offerings, PVA intends to grant the underwriters a 30-day option to purchase up to 1,800,000 additional shares of common stock and additional preferred equity depositary shares to cover overallotments.

The closings of the common stock offering and the preferred equity offering are not contingent upon each other.

PVA intends to use the net proceeds from the concurrent offerings to repay the remaining outstanding borrowings under its revolving credit facility and for general corporate purposes.

In connection with the common stock offering, Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securitiesare acting as joint book-running managers and Canaccord Genuity Inc., Scotiabank/Howard Weil and Johnson Rice & Co. LLC. are acting as co-managers. In connection with the preferred equity offering, Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities and are acting as joint book-running managers and Capital One Southcoast Inc. and Scotiabank/Howard Weil are acting as co-managers.