Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PVR PARTNERS, L. P. | d352010d8k.htm |
Exhibit 99.1
|
Penn Virginia Resource Partners, L.P.
Five Radnor Corporate Center, Suite 500, 100 Matsonford Road, Radnor, PA 19087 |
FOR IMMEDIATE RELEASE
| Contact: | Stephen R. Milbourne |
| Director - Investor Relations |
| Phone: 610-975-8204 |
| E-Mail: invest@pvrpartners.com |
PVR PARTNERS PRICES UPSIZED PRIVATE PLACEMENT OF $600
MILLION SENIOR NOTES
RADNOR, PA – May 11, 2012 . . . Penn Virginia Resource Partners, L.P. (NYSE: PVR) (“PVR”) today announced the pricing of its private placement of $600 million aggregate principal amount of senior notes due 2020 (the “Notes”). The offering of the Notes has been upsized from $450 million to $600 million. The Notes were priced at 100% of the principal amount and will bear interest at a rate of 8.375% per year. The sale of the Notes is expected to close on May 17, 2012. The Notes will be fully and unconditionally guaranteed by PVR’s existing and future domestic subsidiaries, subject to certain exceptions. PVR intends to use up to $220 million of the net proceeds from the offering to fund a portion of the purchase price for its previously announced pending acquisition of Chief Gathering LLC and the remainder of the net proceeds to repay a portion of the borrowings outstanding under PVR’s revolving credit facility.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. Any offers of the Notes will be made only by means of a private offering memorandum.
The Notes and related guarantees are being offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside the United States pursuant to Regulation S under the Securities Act.
These securities will not be registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws or blue sky laws and foreign securities laws.