Vanguard Natural Resources' 7.625% cumulative preferred units to be admitted to Nasdaq

By Stephanie N. Rotondo

Phoenix, March 11 - Vanguard Natural Resources LLC's $175 million of 7.625% series B cumulative redeemable perpetual preferred stock units will be admitted to the Nasdaq Global Select Market for trading on Wednesday, a market source said.

The ticker symbol is "VNRBP."

The deal priced March 4.

Joint bookrunners were Morgan Stanley & Co. LLC, UBS Securities LLC, Barclays, Stifel Nicolaus & Co., Credit Suisse Securities (USA) LLC and MLV & Co. LLC.

Dividends will be payable on the 15th day of each month.

The units become redeemable on or after April 15, 2024 or upon a change of control. If redeemed in 2024, the redemption price is par plus accrued dividends. If redeemed upon a change of control, holders will have the option to convert their units into common stock units or to take the par plus accrued payout.

Proceeds from the non-rated deal will be used to repay a portion currently outstanding under a reserve-based credit facility.

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

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