Regency, PVR merger triggers repurchase offer for PVR notes at 101

By Toni Weeks

San Luis Obispo, Calif., March 24 - Regency Energy Partners LP completed its acquisition of PVR Partners, LP on Friday, triggering a mandatory repurchase offer with respect to PVR's $300 million of 8¼% senior notes due 2018, $600 million of 8 3/8% senior notes due 2020 and $400 million of 6½% senior notes due 2021 guaranteed by PVR and subsidiary Penn Virginia Resource Finance Corp.

According to an 8-K filing with the Securities and Exchange Commission, within 30 days following a change of control, unless PVR has exercised its right to redeem the three series of notes, it is required to make an offer to repurchase the notes at 101 plus accrued interest.

According to the release, unless Regency exercises its right to redeem the notes, Regency and subsidiary Regency Energy Finance Corp. intend to fulfill their obligations with respect to the repurchase offer.

Wells Fargo Bank, NA is the trustee.

Regency is a Dallas-based midstream energy partnership focused on natural gas and natural gas liquids. PVR Partners owns and operates natural gas midstream pipelines and is based in Radnor, Pa.

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