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Penn Virginia closes offer of 4.75 million units

By Associated Press
May 19, 2008 | Comments (0)

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Penn Virginia Resource Partners LP, which manages coal and natural resource properties, said Monday it closed its offering of 4.75 million units representing limited partner interests.

The Radnor, Pa.-based company said underwriters have a 30-day option to buy up to 712,500 additional common units to cover over-allotments.

Penn Virginia expects to use net proceeds to repay part of its borrowings outstanding under its revolving credit facility.

Lehman Brothers Inc. and UBS Investment Bank were joint book-running managers and representatives of the underwriters in connection with the offering. Wachovia Capital Markets was lead non-book running manager. RBC Capital Markets, J.P. Morgan Securities Inc. and Stifel Nicolaus & Company, Inc. were co-managers.

Shares of Penn Virginia Resource Partners rose 39 cents to close at $27.82.

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