Preferred Stock Offerings
By Ru Back Packer Staff, updated Thursday, February 1, 5:54 AM
Slide #233. Penn Virginia Corporation — Preferred Stock Offering
||Penn Virginia Corporation (PVA)
|Date of Pricing:
|Price Per Share:
|Preferred Stock Offering Details:
||Penn Virginia Corporation (NYSE:PVA) announced today the pricing of its private offering to eligible holders of 2,750,000 depositary shares, each representing a 1/100th interest in a share of 6.00 percent Convertible Perpetual Preferred Stock, Series B with a liquidation preference of $10,000 per share (the "Series B Convertible Preferred Stock"). PVA has granted the initial purchasers of the depositary shares a 30-day option to purchase up to an additional 500,000 depositary shares. The offering is expected to settle and close on June 16, 2014, subject to customary closing conditions.
Penn Virginia is an independent oil and gas company engaged in the exploration, development and production of crude oil, natural gas liquid (NGL), and natural gas in various onshore regions of the U.S., primarily the Eagle Ford Shale in South Texas. Co.'s operations consist primarily of drilling unconventional horizontal development wells in the Eagle Ford Shale. Co. also has operations in the Granite Wash in Oklahoma, the Haynesville Shale and Cotton Valley in East Texas. As of Dec 31 2014, Co.'s proved reserves were approximately 115.0 million barrels of oil equivalent, of which 40% were proved developed reserves and 77% were oil and NGLs.
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