8.7M Shares of Penn Virginia GP Holdings (PVG) Priced at $12.30/Unit
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Penn Virginia Corporation (NYSE: PVA) announced today that Penn Virginia Resource GP Corp., an indirect wholly owned subsidiary, has priced the underwritten public offering of 8,695,655 common units representing limited partner interests in Penn Virginia GP Holdings, L.P. (NYSE: PVG) at $12.30 per unit.
PVA intends to use the net proceeds from the offering of approximately $102.7 million to repay the outstanding balance under its revolving credit facility of $50 million, with the remaining proceeds to be used for general corporate purposes, including future capital expenditures.
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