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ap

Penn Virginia unit to hold public offering

Penn Virginia indirect subsidiary to sell 8.7 million units in public offering

  • On 10:17 am EDT, Thursday September 10, 2009

RADNOR, Pa. (AP) -- Penn Virginia Corp. said Thursday its indirect wholly owned subsidiary Penn Virginia Resource GP Corp. business plans to sell about 8.7 million units, representing limited partner interests, in a public offering.

Penn Virginia said the subsidiary also will grant underwriters a 30-day option to purchase up to 1.3 million additional units to cover overallotments, if any. Penn Virginia will not receive any proceeds from the offering.

Barclays Capital, UBS Investment Bank, JPMorgan and Wells Fargo Securities are acting as joint book-running managers for the offering. Credit Suisse, RBC Capital Markets, Stifel Nicolaus and SMH Capital are acting as co-managers.

Shares of Penn Virginia rose 33 cents to $20.56 in morning trading.

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