Vanguard Natural Resources prices offering

AP News
Posted: Dec 01, 2009 10:23 AM

Oil and natural gas company Vanguard Natural Resources LLC on Tuesday said priced its public offering of 2.25 million common units at $18 per unit.

The company granted the underwriters a 30-day option to buy up to an additional 337,500 common units at the public offering price less the underwriting discount.

Vanguard expects to generate up to $44.4 million in net proceeds, including the underwriters' option, and plans to use proceeds to redeem 250,000 common units from one of its unitholders and to pay off debt.

In morning trading, Vanguard Natural Resources shares fell 89 cents, or 4.7 percent, to $17.93.