Penn Virginia Resource Partners (PVR) Completes Acquisition of Chief Gathering LLC for $1.06 Billion
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Penn Virginia Resource Partners, L.P. (NYSE: PVR) has completed the acquisition of Chief Gathering LLC from Chief E&D Holdings LP.
The final purchase price of $1.06 billion reflects various adjustments including a January 1, 2012 economic effective date of the acquisition. Consideration paid was $850 million in cash and approximately 10.35 million units of a new class of PVR limited partner interests ("Special Units"). The newly-issued Special Units are substantially similar to PVR common units, except that the Special Units will not pay or accrue distributions until they automatically convert to common units, on a one-for-one basis once the Special Units have not received six consecutive quarterly distributions following issuance.
The final purchase price of $1.06 billion reflects various adjustments including a January 1, 2012 economic effective date of the acquisition. Consideration paid was $850 million in cash and approximately 10.35 million units of a new class of PVR limited partner interests ("Special Units"). The newly-issued Special Units are substantially similar to PVR common units, except that the Special Units will not pay or accrue distributions until they automatically convert to common units, on a one-for-one basis once the Special Units have not received six consecutive quarterly distributions following issuance.
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