Proceeds will be used to repay debt under revolving credit facility
By Devika Patel
Knoxville, Tenn., Oct. 22 - Penn Virginia Corp. reported that the underwriters for a $40 million public offering of stock elected to exercise the deal's $6 million greenshoe in full. According to an 8-K filed Monday with the Securities and Exchange Commission, the deal settled for $46 million on Oct. 22. The offering was announced Oct. 9 and priced on Oct. 12.
The company sold 9.2 million common shares at $5.00 per share. The price per share is identical to the Oct. 11 closing share price. Of the shares, 1.2 million were part of the greenshoe.
Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities were the joint bookrunning managers.
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.
| Issuer: | Penn Virginia Corp.
|
| Issue: | Common stock
|
| Amount: | $46 million (including $6 million greenshoe)
|
| Shares: | 9.2 million
|
| Price: | $5.00
|
| Warrants: | No
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities
|
| Co-managers: | Canaccord Genuity Inc., Scotiabank / Howard Weil and Johnson Rice & Co. LLC
|
| Announcement date: | Oct. 9
|
| Pricing date: | Oct. 12
|
| Settlement date: | Oct. 22
|
| Stock symbol: | NYSE: PVA
|
| Stock price: | $5.00 at close Oct. 11
|
| Market capitalization: | $217.86 million
|
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