PVR Partners Prices Unit Offering
Following the announcement yesterday of its intention to offer 5.5 million common units of its limited partnership, PVR Partners issued a statement today saying it had priced the units at $23.00. Less underwriting fees, PVR could raise as much as $126.5 million in the offering. PVR closed at $24.11 a common unit on Sept. 12, 2013.
Following the issuance of the 5.5 million new common units, PVR now has 101,224,743 outstanding, according to its SEC filing related the offering. Underwriters of the unit offering have a 30-day option to purchase as many as 825,000 units, PVR said in its release.
The "immediate" use of the net proceeds, PVR said in its statement, will be used to pay down a portion of its revolving credit facility. As of Sept. 11, 2013, PVR had an outstanding balance of $467.5 million of revolving debt.
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