Vanguard Natural Resources to price cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 10 – Vanguard Natural Resources LLC plans to sell series C cumulative redeemable perpetual preferred units, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers. Joint lead managers include Barclays, Credit Suisse Securities (USA) LLC and MLV & Co. LLC.

Co-managers are J.P. Morgan Securities LLC, BB&T Capital Markets, Janney Montgomery Scott LLC, U.S. Capital Advisors, Oppenheimer & Co. Wunderlich Securities Inc., Sterne Agee & Leach Inc. and Drexel Hamilton LLC.

Distributions on the units will be made monthly. The company can redeem the units after a certain time period or upon a change of control at par plus accrued distributions.

The company will apply to list the securities on the Nasdaq Global Select Market under the ticker symbol “VNRCP.”

Proceeds will be used to repay a portion of the debt under the company’s reserve-based credit facility.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.