Penn Virginia accepts tenders for roughly 98% of 4.5% convertibles

By Jennifer Chiou

New York, April 13 - Penn Virginia Corp. said it accepted tenders from holders of $225.1 million, or about 98%, of its $230 million of 4.5% convertible senior subordinated notes due 2012.

The company paid $1,035.00 per $1,000 principal amount of notes, increased from $1,027.50. In all, it purchased the notes for about $233 million plus $4.2 million for accrued interest.

Acquired notes will be canceled.

The tender offer expired at midnight ET on April 12, previously extended from April 11. The offer was originally set to end at midnight ET on April 4. It began on March 8.

Penn Virginia said on April 4 that it secured consents from holders of about 98% of its 10.375% senior notes due 2016 for amendments allowing the company to complete the tender offer for its 4.5% convertibles.

The amendment allowed the company to purchase, repurchase, redeem, defease or otherwise acquire the convertibles and related call options and warrants.

The tender offer for the convertibles was subject to a minimum tender condition and the consent of lenders with a majority of the outstanding commitments under Penn Virginia's revolving credit facility. A debt-financing condition was previously waived.

The dealer manager was J.P. Morgan Securities LLC (800 261-5767). The information agent was 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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