Final results of the private exchange offer of outstanding 7.875% senior notes due 2020 for new 7.0% senior secured second-lien notes due 2023 were provided by Vanguard Natural Resources LLC (VNR) and VNR Finance Corp. on Feb. 8.
When the offer expired on Feb. 5, about $168.1 million of the 7.875% notes had been tendered and not withdrawn. This was about 30.6% of the notes’ outstanding principal amount.
All the notes will likely be accepted for exchange, Vanguard said.
D.F. King & Co. Inc. was the exchange agent and information agent
On the Feb. 10 settlement date, about $75.6 million of the new 7.0% senior secured notes will be given to noteholders who had 7.875% notes. Accrued and unpaid interest will be paid.
The exchange offer’s fulfillment is conditional on entry into a security agreement and intercreditor agreement under which the new notes will be secured by a second-priority lien on the assets of the issuers and certain subsidiaries.
Vanguard Natural Resources LLC is based in Houston.
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