Penn Virginia needs consents from holders of 10 3/8% notes due 2016

By Angela McDaniels

Tacoma, Wash., March 8 - Penn Virginia Corp. needs the consent of holders of a majority of its outstanding 10 3/8% senior notes due 2016 in order to complete a tender offer for its $230 million of 4.5% convertible senior subordinated notes due 2012, according to a company news release.

The company did not formally announce a consent solicitation for the 10 3/8% notes.

The tender offer for the convertibles will expire at midnight ET on April 4.

The tender offer is also subject to a minimum tender condition, a debt-financing condition and the consent of lenders with a majority of the outstanding commitments under Penn Virginia's revolving credit facility.

The dealer manager for the tender offer is J.P. Morgan Securities LLC (800 261-5767), and the information agent is Global Bondholder Services Corp. (866 540-1500 or 212 430-3774).

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

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