Penn Virginia to repay second-lien loan, revolver drawings with notes

By Sara Rosenberg

New York, May 5 – Penn Virginia Holdings LLC plans to repay in full its second-lien term loan and repay a portion of the outstanding borrowings under its reserve based revolving credit facility using proceeds from a $350 million senior notes offering, according to a market source.

Remaining proceeds from the notes will be used to pay related fees and expenses.

Penn Virginia is a Houston-based pure-play independent oil and gas company.

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