Vanguard Natural Resources Prices Public Offering
Vanguard Natural Resources announced the pricing of its public offering of 2,250,000 common units representing limited liability company interests in the Company at a price of $18.00 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 337,500 common units from the Company at the public offering price less the underwriting discount. The offering is expected to settle and close on December 4, 2009, subject to customary closing conditions.
The Company expects to receive net proceeds of approximately $38.5 million (or $44.4 million if the underwriters exercise their option to purchase an additional 337,500 common units) from the offering and intends to use the net proceeds of the offering to redeem 250,000 common units from one of its unitholders, Nami Capital Partners, LLC, and to repay indebtedness outstanding under its reserve-based credit facility.
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