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Vanguard prices offering at $28.35 per share

HOUSTON (AP) -- Vanguard Natural Resources LLC on Thursday priced its public offering of 7 million common units at $28.35 each. The offering also includes the option to purchase an additional 1.05 million shares to cover overallotments.

The offering is expected to close on June 4.

Vanguard anticipates proceeds of $190.9 million, or $219.6 million if underwriters exercise their option to purchase additional shares. The company plans to use the net proceeds to repay debt.

Barclays, J.P. Morgan, UBS Investment Bank, Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, Morgan Stanley, Raymond James and RBC Capital Markets are joint book-running managers for the offering.

Shares of the company fell nearly 4 percent to $28.31 by midmorning. Its stock price remains roughly in the middle of its 52-week trading range of $22.81 to $30.22.