Vanguard Natural (VNR) Announces $300M Senior Notes Offering
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Vanguard Natural Resources, LLC (NYSE: VNR) and its subsidiary VNR Finance Corp. today announced that they intend, subject to market conditions, to publicly offer $300 million aggregate principal amount of senior unsecured notes due 2020, pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on January 18, 2012.
The Notes will be fully and unconditionally guaranteed by all of the Company’s current subsidiaries. The Company intends to use a portion of the net proceeds from this offering to repay all indebtedness outstanding under its senior secured second lien term loan facility, and it plans to apply the balance of the net proceeds to outstanding borrowings under its senior secured reserve-based credit facility.
The Notes will be fully and unconditionally guaranteed by all of the Company’s current subsidiaries. The Company intends to use a portion of the net proceeds from this offering to repay all indebtedness outstanding under its senior secured second lien term loan facility, and it plans to apply the balance of the net proceeds to outstanding borrowings under its senior secured reserve-based credit facility.
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