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Penn Virginia greenshoe exercised, lifts preferreds to $115 million
By Ashley Montgomery
Kansas City, Kan., Oct. 17 - Penn Virginia Corp. said the underwriters for its offering of preferred equity depositary shares exercised their $15 million over-allotment option in full.
The greenshoe brings the total issue amount to $115 million.
As previously reported, the company priced 1 million of preferreds at $100 per share on Oct. 12.
The shares will pay 6% cumulative dividends on a quarterly basis. The initial conversion price is $6.00 per share, which is a 20% premium to the Oct. 11 closing share price of $5.00.
The company also announced the closing of its $40 million public offering of common stock. Penn Virginia sold 8 million common shares at $5.00 per share.
Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities are the joint bookrunning managers for both the stock and 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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