Vanguard Natural Resources to sell additional preferred, common units

By Stephanie N. Rotondo

Phoenix, March 16 – Vanguard Natural Resources LLC plans to issue additional preferred units, as well as common stock units, in “at-the-market” offerings, the company said in a prospectus with the Securities and Exchange Commission.

The Houston-based oil and gas company will issue up to $50 million of its 7.875% series A cumulative redeemable perpetual preferred units (Nasdaq: VNRAP), up to $100 million of its 7.625% series B cumulative redeemable perpetual preferred units (Nasdaq: VNRBP) and up to $75 million of its 7.75% series C cumulative redeemable perpetual preferred units (Nasdaq: VNRCP).

Vanguard will also sell up to $400 million of its common units (Nasdaq: VNP).

Credit Suisse Securities (USA) LLC, UBS Securities LLC, BMO Capital Markets, BB&T Capital Markets, SunTrust Robinson Humphrey Inc. and MLV & Co. LLC are the sales agents.

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

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