Penn Virginia plans to price public stock sale with 30-day greenshoe

Proceeds to be used for debt repayment and general corporate purposes

By Devika Patel

Knoxville, Tenn., Oct. 9 - Penn Virginia Corp. said it plans to price a public sale of stock with a 30-day greenshoe. The company also plans a public offering of $50 million of its depositary shares, each of which will represent a fractional ownership interest in a convertible perpetual preferred share. The depositary share sale will also have a greenshoe.

The company will sell 12 million common shares with another 1.8 million shares allotted for the greenshoe.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities are the joint bookrunning managers and Canaccord Genuity Inc., Scotiabank / Howard Weil and Johnson Rice & Co. LLC are co-managers for the stock sale.

Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities are the joint bookrunning managers and Capital One Southcoast, Inc. and Scotiabank / Howard Weil are co-managers for the preferreds sale.

Proceeds will be used to repay borrowings under the company's revolving credit facility and for general corporate purposes.

Penn Virginia is an independent natural gas and oil company based in Radnor, Pa.

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