Penn Virginia Corp., Radnor, Pa., (NYSE: PVA) has successfully completed its consent solicitation to amend a provision of the indenture governing its outstanding 10.375% senior notes due 2016. The consent solicitation passed with approximately 98% of the bondholders consenting to the amendment.
The amendment to the indenture will permit Penn Virginia to purchase, repurchase, redeem, defease or otherwise acquire for value its outstanding 4.5% convertible senior subordinated notes due 2012, and related call options and warrants issued at the time of the original issuance of the convertible notes, using the proceeds of a new senior debt financing, notwithstanding the covenant in the indenture that restricts the making of certain payments by Penn Virginia.
Penn Virginia is focused on the exploration, acquisition, development and production of oil and gas reserves in onshore regions of the U.S., including Texas, Appalachia, the Midcontinent region and Mississippi.
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