Penn Virginia prices offering at $19 per share
By
Associated Press
May 19, 2009
|
Penn Virginia Corp. on Tuesday said it priced its public common stock offering of 3.5 million shares at $19 apiece, a discount to its Monday closing price of $20.22.
That puts proceeds from the offering at about $66.5 million.
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.
Shares of the company fell $1.54, or 7.6 percent, to $18.70 in morning trading.
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