Vanguard Natural Resources to sell up to $250 million 7.875% preferred stock units

By Stephanie N. Rotondo

Phoenix, Nov. 26 - Vanguard Natural Resources LLC announced an "at-the-market" offering of up to $250 million 7.875% series A cumulative redeemable perpetual preferred units on Tuesday.

The offering is being done concurrently with an up to $500 million offering of common stock units.

Credit Suisse Securities (USA) LLC, UBS Securities LLC, BMO Capital Markets Corp. and MLV & Co. LLC are managing the deals via an equity distribution agreement.

The preferred units are listed on the Nasdaq under the ticker symbol "VNRAP." The units traded at $26.50 per unit on Monday.

Proceeds will be used for general limited liability company purposes, which may include the repayment of debt outstanding under a reserve-based credit facility.

The oil and gas development company is based in Houston.

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