Penn Virginia starts roadshow for $350 million seven-year notes

By Paul A. Harris

Portland, Ore., May 5 – Penn Virginia Holdings, LLC began a roadshow on Wednesday for a $350 million offering of seven-year senior notes (expected ratings B/B), according to an informed source.

The roadshow is scheduled to run through Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc., CIBC World Markets Corp., Comerica Securities Inc., RBC Capital Markets LLC, Raymond James & Associates, Truist Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Capital One Securities Inc., EIG, Johnson Rice, Seaport Global Securities LLC and West Texas National are the co-managers.

The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 35% equity clawback at par plus the full coupon and a 101% poison put.

The Houston-based oil and gas company plans to use the proceeds to refinance its second-lien term loan and drawings under its RBL facility.

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