Penn Virginia Resource Partners LP plans private placement of USD450m senior notes 

Penn Virginia Resource Partners LP plans private placement of USD450m senior notes

May 07, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Coal company Penn Virginia Resource Partners LP PVR stated on Monday that it proposes to commence a private offering of USD450m aggregate principal amount of senior notes due 2020 to eligible purchasers.

Subject to market and other conditions, the notes will be fully and unconditionally guaranteed by the company's existing and future domestic restricted subsidiaries.

According to the company, it intends to use up to USD220m of the net proceeds to fund a portion of the purchase price for the pending acquisition of Chief Gathering LLC and the remaining will be used to repay a portion of the borrowings outstanding under its revolving credit facility.

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