Vanguard Natural Resources to repay credit facility via unit offering

By Tali David

Minneapolis, Jan. 30 - Vanguard Natural Resources, LLC plans to use the proceeds of an 8 million common unit offering to repay a portion of its debt outstanding under its reserve-based credit facility, which debt was incurred in part to fund its 2012 acquisitions, according to a 424B3 filed with the Securities and Exchange Commission.

As of Jan. 29, there was roughly $700 million principal amount of loans outstanding under the reserve-based credit facility. As of Jan. 29, the facility had a variable interest rate of about 2.22%, excluding the effect of interest rate swaps. The facility matures on Oct. 31, 2016.

Vanguard Natural is a Houston-based oil and gas production and development company.

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