Penn Virginia Corporation Announces Concurrent Public Offerings of 12,000,000 Shares of Common Stock and $50 Million of Depositary Shares Representing Convertible Preferred Equity
4:06p ET October 8, 2012 (Business Wire)
Penn Virginia Corporation (NYSE: PVA) announced today that it has commenced, subject to market and other conditions, concurrent underwritten public offerings of 12,000,000 shares of its common stock and $50 million of depositary shares each representing a fractional ownership interest in a share of convertible perpetual preferred stock (the "Preferred Equity"). In connection with the offerings, PVA intends to grant the underwriters a 30-day option to purchase up to 1,800,000 additional shares of common stock and additional Preferred Equity depositary shares to cover overallotments. The closings of the common stock offering and the Preferred Equity offering are not contingent upon each other.