Penn Virginia to offer 3.5 million shares

By Associated Press
May 18, 2009 | Comments (0)

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Penn Virginia Corp. said on Monday it plans to offer 3.5 million shares, which would raise almost $70.8 million based on Monday's closing price of $20.22.

The oil and natural gas company said its underwriters also have a 30-day option to buy another 525,000 shares. The company said it would use the proceeds to pay down some of its revolving credit line, and for general corporate purposes.

The joint book-runners will be J.P. Morgan Securities Inc. and RBC Capital Markets Corp.

Before the announcement, Penn Virginia shares rose $1.60, or 8.6 percent, to close at $20.22. They fell $1.22, or 6 percent, to $19 following the offering announcement in after-hours trading.

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