Vanguard Natural begins exchange offer for 7 7/8% notes due 2020

By Tali Rackner

Norfolk, Va., Jan. 11 – Vanguard Natural Resources, LLC and wholly owned subsidiary VNR Finance Corp. began a private offer to issue newly issued 7% senior secured second-lien notes due 2023 in exchange for their outstanding $550 million 7 7/8% senior notes due 2020, according to an 8-K filing with the Securities and Exchange Commission.

Holders who tender their notes for exchange by 5 p.m. ET on Jan. 22, the early tender date, will be eligible to receive the early tender exchange consideration. Holders tendering after the early deadline will only be eligible to receive the late tender exchange consideration, which is the early tender exchange consideration less $50.

The early tender exchange consideration per $1,000 principal amount is $450.

The offer will expire at 11:59 p.m. ET on Feb. 5.

The company will also pay accrued interest.

Tenders may be withdrawn at any time on or prior to 5 p.m. ET on Jan. 22.

Vanguard said it reserves the right to terminate, withdraw, amend or extend the terms of the offer.

D.F. King & Co., Inc. (877 283-0317 or 212 269-5550 for banks and brokers) is the information agent.

Vanguard Natural is a Houston-based oil and gas production and development company.

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