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Hold (2.00 out of 4)
80th percentile
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 Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tuesday, March 2, 11:07 AM
Slide #365. Vanguard Natural Resources, LLC — Preferred Stock Offering
| Company: |
Vanguard Natural Resources, LLC (VNR) |
| Date announced: |
3/4/2014 |
| Shares Offered: |
7,000,000 |
| Date of Pricing: |
3/5/2014 |
| Price Per Share: |
$25.00 |
| Preferred Stock Offering Details: |
Vanguard Natural Resources, LLC (NASDAQ:VNR) (the "Company") today announced that it has commenced a public offering of Series B Cumulative Redeemable Perpetual Preferred Units ("Series B Preferred Units") pursuant to an effective shelf registration statement on Form S-3, as amended, filed with the Securities and Exchange Commission (the "SEC"). The Company will grant the underwriters a 30-day option to purchase additional Series B Preferred Units. The Company intends to use the net proceeds from the offering to repay a portion of its indebtedness outstanding under its senior secured revolving credit facility. - updated 3/5 - Vanguard Natural Resources, LLC (NASDAQ:VNR) (the "Company") today announced the pricing of its public offering of 7,000,000 7.625% Series B Cumulative Redeemable Perpetual Preferred Units ("Series B Preferred Units") at a price of $25.00 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 1,050,000 Series B Preferred Units from the Company at the public offering price less the underwriting discount. Distributions will be payable on the Series B Preferred Units at an initial rate of 7.625% per annum of the stated liquidation preference of $25.00. The offering is expected to close on March 11, 2014, subject to customary closing conditions. |
Vanguard Natural Resources is engaged the acquisition and development of oil and natural gas properties. At Dec 31 2015, Co. owned the following properties and oil and natural gas reserves: the Green River Basin in Wyoming; the Permian Basin in West Texas and New Mexico; the Gulf Coast Basin in Texas, Louisiana, Mississippi and Alabama; the Anadarko Basin in Oklahoma and Texas; the Piceance Basin in Colorado; the Big Horn Basin in Wyoming and Montana; the Arkoma Basin in Arkansas and Oklahoma; the Williston Basin in North Dakota and Montana; the Wind River Basin in Wyoming; and the Powder River Basin in Wyoming. At Dec 31 2015, Co.'s total estimated net proved reserves were 2,288.9 Bcfe. Preferreds: VNRAP, VNRBP, VNRCP
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