PVR Partners Prices Public Offering of 6.5 Mln Common Units; Tumbles 6% Pre-Open
PVR Partners L.P. ( PVR ) lost 5.5% in pre-market trade after pricing its public offering of 6.5 million common units representing limited partner interests in PVR at $23.11 per unit.
PVR also granted the underwriters a 30-day option to purchase a maximum of 975,000 additional common units to cover over-allotments, if any. PVR expects to close the sale on November 15, 2012, for proceeds of approximately $144.0 million after deducting underwriting discounts and commissions and estimated expenses. The company plans to use all of the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility.
PVR closed yesterday's regular session at $23.99; trades in a 52-week range of $21.34 - $27.50.
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