Vanguard Natural Resources greenshoe ups preferred sale to $63 million

By Tali David

Minneapolis, June 19 - Underwriters for Vanguard Natural Resources, LLC's 7.875% series A cumulative redeemable perpetual preferred units partially exercised their over-allotment option, adding 320,000 units, the company announced in a press release.

This increases the size of the issue to $63 million, or 2.52 million units.

Vanguard initially sold $55 million of the units on June 13 with a greenshoe for 330,000 units.

As previously reported, Barclays, Credit Suisse Securities (USA) LLC, Stifel Nicolaus & Co. Inc. and MLV & Co. LLC are the joint bookrunners.

Proceeds will be used to pay down debt outstanding under a senior secured revolving credit facility.

Vanguard is a Houston-based oil and gas exploration and development company.

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