Key Developments: PVR Partners LP (PVR)
27.22USD
18 Jun 2013
$0.00 (+0.00%)
$27.22
$27.05
$27.33
$26.80
298,890
446,299
$27.49
$21.87
Latest Key Developments (Source: Significant Developments)
PVR Partners LP Reaffirms FY 2013 EBITDA Guidance-Conference Call
PVR Partners LP announced that for fiscal 2013, it is looking at about $365 million on a midpoint of EBITDA. And, based on the first-quarter results, it is on track to stay within range of $335 million to $395 million on adjusted EBITDA. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $359 million for fiscal 2013. Full Article
PVR Partners LP Declares Cash Distribution
PVR Partners LP announced that the Board of Directors of PVR GP, LLC, the general partner of PVR, declared a quarterly distribution of $0.55 per unit payable in cash on May 14, 2013 to common unitholders of record at the close of business on May 8, 2013. Full Article
PVR Partners LP Increases Quarterly Cash Distribution
PVR Partners LP announced that it declared a quarterly cash distribution of $0.55 per common unit payable on February 14, 2013 to unitholders of record on February 8, 2013. The common unit cash distribution, which equates to an annualized rate of $2.20, represents a 1.9% increase over the prior quarter and a 7.8% increase over the distribution paid with respect to the fourth quarter of 2011. Full Article
PVR Partners LP Announces Pricing of Public Offering of 6,500,000 Common Units
PVR Partners LP announced the pricing of the public offering of 6,500,000 common units representing limited partner interests in PVR. The common units were priced at $23.11 per unit. In connection with the offering, PVR granted the underwriters a 30-day option to purchase a maximum of 975,000 additional common units to cover over-allotments, if any. PVR expects to close the sale of the common units on November 15, 2012. PVR estimates that the net proceeds from the offering will be approximately $144.0 million (or $165.5 million if the underwriters exercise in full their option to purchase additional common units) after deducting underwriting discounts and commissions and estimated expenses, and intends to use all of the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility. Wells Fargo Securities, BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers in connection with the offering. BB&T Capital Markets is acting as a co-manager in connection with the offering. Full Article
PVR Partners LP Announces Public Offering Of 6,500,000 Common Units
PVR Partners LP announced that it has commenced an offering, subject to market and other conditions, of 6,500,000 common units representing limited partner interests in PVR. In connection with the offering, PVR expects to grant the underwriters a 30-day option to purchase a maximum of 975,000 additional common units to cover over-allotments, if any. PVR intends to use all of the net proceeds from the offering to repay a portion of the borrowings outstanding under its revolving credit facility. Wells Fargo Securities, BofA Merrill Lynch, Barclays, Citigroup, J.P. Morgan, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers in connection with the offering. Full Article
Penn Virginia Resource Partners LP Announces Name Change-Form 8-K
Penn Virginia Resource Partners LP reported in its Form 8-K that effective August 16, 2012, Penn Virginia Resource Partners, L.P. (the Partnership) changed its name from Penn Virginia Resource Partners, L.P. to PVR Partners, L.P. The Partnership's trading symbol for its common units, which are currently listed on the New York Stock Exchange as "PVR" will remain the same. The new CUSIP number for the Partnership's common units is 693665 01. Full Article
Penn Virginia Resource Partners LP Lowers FY 2012, 2013 EBITDA Guidance; Declares Quarterly Cash Distribution
Penn Virginia Resource Partners LP announced that for fiscal 2012, it anticipates Adjusted EBITDA in the range of $245-$260 million. For fiscal 2013, the Company is revising fiscal 2013 guidance range of $480-$540 million for total Adjusted EBITDA to $415-$480 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $312 million for fiscal 2012 and EBITDA of $479 million for fiscal 2013. The Company also announced that the Board of Directors declared a quarterly distribution of $0.53 per unit payable in cash on August 14, 2012 to common unit holders of record at the close of business on August 6, 2012. This distribution equates to an annualized rate of $2.12 per unit, and represents a 1.9% increase over the prior quarter distribution and an 8.2% increase over the second quarter of 2011. Full Article
DCP Midstream Partners LP Completes Previously Announced $63 Million Acquisition Of The Crossroads System From Penn Virginia Resource Partners, L.P.
DCP Midstream Partners LP announced that it has completed the previously announced $63 million acquisition of the Crossroads system from Penn Virginia Resource Partners, L.P. The Crossroads system acquisition, which is subject to certain customary purchase price adjustments, was financed at closing through borrowings under the Partnership’s credit facility. The Crossroads system, located in the southeastern portion of Harrison county in East Texas, includes an 80 million cubic feet per day cryogenic processing plant, approximately 8 miles of gas gathering pipe, approximately 20 miles of NGL pipeline and a 50% ownership in an approximately 11-mile residue gas pipeline. Full Article
Penn Virginia Resource Partners LP's subsidiary Announces Sale Of East Texas Gathering System And Processing Plant
Penn Virginia Resource Partners LP announced that its midstream subsidiary has entered an agreement to sell its Crossroads natural gas gathering system and processing plant to DCP Midstream Partners, LP for approximately $63 million. The Crossroads System, located in the southeastern portion of Harrison County in east Texas, includes approximately 8-miles of gas gathering pipeline, an 80 MMcfd cryogenic processing plant, approximately 20-miles of NGL pipeline, and a 50% ownership in an approximately 11-mile residue gas pipeline. The transaction is subject to customary closing conditions, and is expected to close on or about July 2, 2012. Depending upon the closing date and any final purchase price adjustments, PVR expects to recognize a gain of between $30 and $33 million as a result of the transaction. Full Article
Penn Virginia Resource Partners LP Prices Upsized Private Placement
Penn Virginia Resource Partners LP announced the pricing of its private placement of $600 million aggregate principal amount of senior notes due 2020. The offering of the Notes has been upsized from $450 million to $600 million. The Notes were priced at 100% of principal amount and will bear interest at a rate of 8.375% per year.The sale of the Notes is expected to close on May 17, 2012. The Notes will be fully and unconditionally guaranteed by PVR's existing and future domestic subsidiaries, subject to certain exceptions. PVR intends to use up to $220 million of the net proceeds from the offering to fund a portion of the purchase price for its previously announced pending acquisition of Chief Gathering LLC and the remainder of the net proceeds to repay a portion of the borrowings outstanding under PVR's revolving credit facility. Full Article
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