PVR Partners prices offering at $23 per unit

PVR Partners prices public offering of 5.5M common units at $23 each

Associated Press

RADNOR, Pa. (AP) -- PVR Partners LP said Friday that it priced its underwritten public offering of 5.5 million common units representing limited partner interests at $23 each.

The price represents a 5 percent discount to PVR's Thursday closing unit price of $24.11.

PVR also granted the offering's underwriter — Barclays Capital Inc. — a 30-day option to buy up to 825,000 additional common units. Proceeds from the offering will be used to repay a debt, the partnership said.

Radnor, Pa.-based PVR owns and operates a network of natural gas midstream pipelines and processing plants, along with coal and natural resource properties. In morning trading, its units rose 9 cents to $24.20. 

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