Key Developments: Penn Virginia Corp (PVA)
4.82USD
24 May 2013
$0.05 (+1.05%)
$4.77
$4.76
$4.89
$4.68
822,800
1,646,301
$7.74
$3.56
Latest Key Developments (Source: Significant Developments)
Penn Virginia Corp Updates On FY 2013 EBITDA Guidance To A Range In Line With Analysts' Estimates; Raises FY 2013 Production Guidance-Conference Call
Penn Virginia Corp announced that for fiscal 2013, it expects EBITDAX, which includes cash receipts from hedging, the Company is increasing guidance slightly to $300 million to $360 million and production guidance is 6.7 million to 7.3 million barrels of oil equivalent, or about 18,250 to 20,000 barrels of oil equivalent per day. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EBITDA of $311 million for fiscal 2013. Full Article
Penn Virginia Corp Announces Closing Of Eagle Ford Shale Acquisition From Magnum Hunter Resources Corp
Penn Virginia Corp announced that it has closed its previously announced acquisition of producing properties and undeveloped leasehold interests in the Eagle Ford Shale play from Magnum Hunter Resources Corporation for approximately $360 million in cash and the issuance of 10 million shares of common stock. The acquisition had an effective date of January 1, 2013 and the purchase price adjustment paid to MHR at closing in cash was approximately $19 million, along with the assumption of approximately $16 million of net current liabilities. The cash portion of the purchase price was funded by proceeds from the private placement of debt securities. RBC Capital Markets served as our exclusive financial advisor on the transaction. Full Article
Penn Virginia Corp Closes Upsized Private Placement Of $775 Million Of 8.50 Percent Senior Notes Due 2020
Penn Virginia Corp announced that it has closed a private placement of $775 million aggregate principal amount of Senior Notes due 2020 (Notes). The Notes were priced at par and bear interest at a rate of 8.50 % per year. The Notes are fully and unconditionally guaranteed by PVA's existing subsidiaries, and will be fully and unconditionally guaranteed by PVA's future subsidiaries, subject to certain exceptions. The net proceeds from the offering were approximately $754 million. PVA will use approximately $400 million of the net proceeds from the private placement, together with $40 million of equity proceeds, to finance the purchase price (including expected purchase price adjustments and net current liabilities assumed) of the previously announced Eagle Ford Shale acquisition. Approximately $330 million of the net proceeds from the private placement will be used to fund PVA's obligations under its previously announced tender offer for all of its outstanding 10.375 percent senior notes due 2016 and the remaining net proceeds will be used to repay outstanding borrowings under PVA's revolving credit facility. To the extent less than all of the outstanding 2016 Senior Notes are tendered in the Tender Offer or the Tender Offer is not consummated, PVA intends to use the remaining portion of the net proceeds from the issuance and sale of the Notes that was not used to fund the Tender Offer to redeem any or all of the 2016 Senior Notes remaining outstanding in June 2013. Full Article
Penn Virginia Corp Issues FY 2013 EBITDA Guidance-Conference Call
Penn Virginia Corp announced that for fiscal 2013, it is looking at EBITDAX of $322 million as the midpoint of the guidance range, which is a $60 million to $70 million increase, or 25%. Full Article
Penn Virginia Corp Announces Proposed Private Placement of $400 Million of Senior Notes Due 2020
Penn Virginia Corp announced that it intends to offer $400 million aggregate principal amount of senior notes due 2020 in a private placement to eligible purchasers. PVA intends to use substantially all of the net proceeds from the Offering to finance a portion of the purchase price for its separately announced pending Eagle Ford Shale acquisition. The notes will not be registered under the Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws or blue sky laws and foreign securities laws. Full Article
Penn Virginia Corp Announces Acquisition of Eagle Ford Shale Assets from Magnum Hunter Resources Corp
Penn Virginia Corp announced that it has entered into a definitive agreement with Magnum Hunter Resources Corporation to acquire producing properties and undeveloped leasehold interests in the Eagle Ford Shale play for approximately $400 million. It expects the transaction to close in early to mid-May 2013. The Company will acquire approximately 40,600 (19,000 net) mineral acres located in Gonzales and Lavaca Counties, Texas, in areas adjacent to current position in both counties. As a result, it will have approximately 83,000 gross (54,000 net) contiguous acres in the volatile oil window of the Eagle Ford Shale, and will increase drilling inventory by 345 (169 net) locations from 295 (251 net) drilling locations to 640 (420 net) drilling locations. The assets include working interests in 46 (22.1 net) producing wells. Seven wells are in the process of being completed or awaiting completion and four wells are being drilled on the acreage being acquired. Full Article
Penn Virginia Corp Reaffirms FY 2013 Production Guidance
Penn Virginia Corp announced that for fiscal 2013, it expects production guidance is approximately 15,500 to 16 900 BOEPD and capital expenditures guidance of $360 to $400 million. Full Article
Penn Virginia Corp Declares Dividend on Preferred Depositary Shares
Penn Virginia Corp announced that it has declared a regular quarterly cash dividend of $150.00 per share on its 6.00 percent Series A convertible preferred stock. As a result, on April 15, 2013, a dividend of $1.50 per depositary share, each representing a 1/100th interest in a share of the Series A convertible preferred stock, will be paid to holders of record at the close of business on April 1, 2013. Full Article
Penn Virginia Corp Reaffirms FY 2013 Production Guidance-Conference Call
Penn Virginia Corp announced that for fiscal 2013, it expects production to be 5.7 million to 6.2 million barrels equivalent or 15,500 to 16,900 BOE per day. Full Article
Penn Virginia Corp Issues FY 2013 Production Guidance
Penn Virginia Corp announced that for fiscal 2013, it expects production to be approximately 5.7 to 6.2 MMBOE (34.0 to 37.0 billion cubic feet of natural gas equivalent), or approximately 15,500 to 16,900 BOEPD, compared to 2012 production of approximately 5.8 MMBOE, or 15,776 BOEPD, pro forma to exclude 0.7 MMBOE of production in 2012 from divested Appalachian assets. Crude oil production is expected to increase by 23% to 37% over fiscal 2012 levels (a 12 to 24 percent increase in crude oil and NGLs combined). Crude oil and NGLs are expected to comprise approximately 60% to 65% of total production, compared to 48% during fiscal 2012. Full Article
TEXT-Fitch revises Kirby Corp. outlook to stable from positive
Nov 29 - Fitch Ratings has revised the Rating Outlook on Kirby Corp. to Stable from Positive and affirmed the ratings at 'BBB'. The revision in Outlook follows Kirby's recently announced acquisition of Penn Maritime (Penn) for $295 million. The acquisition will be funded with debt through a $500 million private placement of senior unsecured notes with $300 million intended for the acquisition and $200 million to pre-fund the company's February 2013 note maturity. Additional debt from this trans
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