Attached files
file | filename |
---|---|
8-K - FORM 8-K - PVR PARTNERS, L. P. | d439982d8k.htm |
Exhibit 99.1
News Release
Five Radnor Corporate Center, Suite 500 100 Matsonford Road Radnor, PA 19087 |
FOR IMMEDIATE RELEASE
PVR PARTNERS, L.P. ANNOUNCES CLOSING OF
PUBLIC OFFERING OF COMMON UNITS AND FULL EXERCISE OF OVER-ALLOTMENT OPTION
RADNOR, PA - November 15, 2012 . . . PVR Partners, L.P. (NYSE: PVR) has completed its previously announced public offering of common units representing limited partner interests in PVR. Including the over-allotment option, which was exercised in full by the underwriters, PVR sold a total of 7,475,000 common units at a price to the public of $23.11 per common unit. PVR intends to use the net proceeds of approximately $165.7 million from the offering, after deducting underwriting discounts and commissions and estimated expenses, to repay a portion of the borrowings outstanding under its revolving credit facility.
Wells Fargo Securities, BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan, RBC Capital Markets and UBS Investment Bank acted as joint book-running managers in connection with the offering. BB&T Capital Markets acted as a co-manager in connection with the offering. Copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from the underwriters as follows:
Wells Fargo Securities
Attention: Equity Syndicate Department
375 Park Avenue
New York, New York 10152
Telephone: (800) 326-5897
Email: cmclientsupport@wellsfargo.com
BofA Merrill Lynch
222 Broadway
New York, New York 10038
Attn: Prospectus Department
Email: dg.prospectus_requests@baml.com
Barclays
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (888) 603-5847
Email: Barclaysprospectus@broadridge.com
Citigroup
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (800)831-9146
PVR Closes Unit Offering | Page 2 |
J.P. Morgan
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: (866) 803-9204
RBC Capital Markets
Attn: Prospectus Department
3 World Financial Center
200 Vesey Street, 8th Floor
New York, New York 10281
Telephone: (877) 822-4089
UBS Investment Bank
Attn: Prospectus Department
299 Park Avenue
New York, New York 10171
Telephone: (888) 827-7275
An electronic copy of the prospectus supplement and the accompanying base prospectus is available from the Security and Exchange Commissions (the SEC) website at http://www.sec.gov.
The common units will be offered and sold pursuant to an effective shelf registration statement previously filed by PVR with the SEC. This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus supplement and the accompanying base prospectus.
******
PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited partnership which owns and operates a network of natural gas midstream pipelines and processing plants, and owns and manages coal and natural resource properties. Our midstream assets, located principally in Texas, Oklahoma and Pennsylvania, provide gathering, transportation, compression, processing, dehydration and related services to natural gas producers. Our coal and natural resource properties, located in the Appalachian, Illinois and San Juan basins, are leased to experienced operators in exchange for royalty payments.
******
This press release includes forward-looking statements within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that PVR expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements can be identified by words such as anticipates, believes, expects, estimates, forecasts, projects, should and other similar expressions. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside PVRs ability to control or predict, which could cause results to differ materially from those expected by management. Such risks and uncertainties include, but are not limited to, regulatory, economic and market conditions, our ability realize the anticipated benefits from the acquisition of Chief Gathering LLC, the timing and success of business development efforts and other uncertainties. Additional information concerning these and other
PVR Closes Unit Offering | Page 3 |
factors can be found in our press releases and public periodic filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2011 and most recently filed Quarterly Reports on Form 10-Q. Readers should not place undue reliance on forward-looking statements, which reflect managements views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: | Stephen R. Milbourne | |
Director - Investor Relations | ||
Phone: 610-975-8204 | ||
E-Mail: invest@pvrpartners.com |