In a public offering, Vanguard Natural Resources LLC (NASDAQ: VNR) priced 4 million of its 7.75% Series C cumulative redeemable perpetual preferred units, the company said Sept. 10. The units were priced at $25 each, the company added.
Underwriters were granted a monthlong option to purchase up to 600,000 additional units, Vanguard added.
Net proceeds of about $96.9 million will repay part of the outstanding senior secured revolving credit facility debts, the company said.
Morgan Stanley (NYSE: MS) and UBS Investment Bank are joint book-running managers, the company noted.
Houston-based Vanguard Natural Resources LLC acquires, develops and produces domestic oil and natural gas properties.
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