Penn Virginia Announces Proposed $350 Million Offering of Senior Unsecured Notes
05 Mai 2021 - 1:30PM
Penn Virginia Corporation (“Penn Virginia”) (NASDAQ: PVAC) today
announced that, subject to market conditions and other factors, its
indirect, wholly owned subsidiary Penn Virginia Holdings, LLC
intends to offer $350 million aggregate principal amount of senior
unsecured notes due 2028 (the “Notes”). Penn Virginia intends to
use the proceeds from the offering to fully repay and terminate its
second lien term loan, to repay a portion of outstanding borrowings
under its reserve based revolving credit facility and to pay
related fees and expenses.
The Notes will be offered and sold in a private placement to
persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and to non-U.S. persons in transactions
outside the United States pursuant to Regulation S under the
Securities Act.
The Notes will not be registered under the Securities Act or any
state securities laws and may not be offered or sold in the United
States or to, or for the benefit of, U.S. persons absent
registration under, or an applicable exemption from, the
registration requirements of the Securities Act and applicable
state securities laws.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy the Notes or any other security and
shall not constitute an offer, solicitation or sale in any state or
jurisdiction in which, or to any persons to whom, such an offer,
solicitation or sale would be unlawful. Any offers of the Notes
will be made only by means of a private offering memorandum.
About Penn Virginia
Corporation
Penn Virginia Corporation is a pure-play
independent oil and gas company engaged in the development and
production of oil, natural gas liquids and natural gas, with
operations in the Eagle Ford shale in south Texas.
Forward-Looking Statements
This communication contains certain “forward-looking” statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not descriptions of historical facts
are forward-looking statements, and such statements are often
identified by the words “anticipate,” “guidance,” “assumptions,”
“projects,” “estimates,” “expects,” “continues,” “intends,”
“plans,” “believes,” “forecasts,” “future,” “potential,” “may,”
“possible,” “could” and variations of such words or similar
expressions, including the negative thereof, to identify
forward-looking statements. Because such statements include risks,
uncertainties, and contingencies, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Information concerning these and other factors can be
found in our press releases and public filings with the U.S.
Securities and Exchange Commission. Many of the factors that will
determine our future results are beyond the ability of management
to control or predict. In addition, readers should not place undue
reliance on forward-looking statements, which reflect management's
views only as of the date hereof. The statements in this
communication speak only as of the date of the communication. We
undertake no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable law.
Contact
Clay JeansonneInvestor RelationsPh: (713) 722-6540E-Mail:
invest@pennvirginia.com
Penn Virginia (NASDAQ:PVAC)
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