0001193125-13-171395.txt : 20130425 0001193125-13-171395.hdr.sgml : 20130425 20130424212711 ACCESSION NUMBER: 0001193125-13-171395 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20130424 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130425 DATE AS OF CHANGE: 20130424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PENN VIRGINIA CORP CENTRAL INDEX KEY: 0000077159 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 231184320 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13283 FILM NUMBER: 13780647 BUSINESS ADDRESS: STREET 1: 100 MATSONFORD ROAD SUITE 200 STREET 2: FOUR RADNOR CORPORATE CENTER CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6106878900 MAIL ADDRESS: STREET 1: 100 MATSONFORD ROAD SUITE 200 STREET 2: FOUR RADNOR CORPORATE CENTER CITY: RADNOR STATE: PA ZIP: 19087 FORMER COMPANY: FORMER CONFORMED NAME: VIRGINIA COAL & IRON CO DATE OF NAME CHANGE: 19670501 8-K 1 d526586d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report: April 24, 2013 (April 24, 2013)

(Date of Earliest Event Reported)

 

 

PENN VIRGINIA CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Virginia   1-13283   23-1184320

(State or Other Jurisdiction

of Incorporation)

   (Commission File Number)   (IRS Employer Identification No.)

 

Four Radnor Corporate Center, Suite 200  
100 Matsonford Road, Radnor, Pennsylvania   19087
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (610) 687-8900

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01 Regulation FD.

On April 24, 2013, Penn Virginia Corporation (“PVA”) issued three press releases announcing (i) the closing of its previously announced sale of $775,000,000 aggregate principal amount of its 8.500% Senior Notes due 2020, (ii) the closing of its previously announced acquisition of Eagle Ford Hunter, Inc., and (iii) the early settlement of its previously announced tender offer and consent solicitation with respect to its 10.375% Senior Notes due 2016. Copies of the press releases, each dated April 24, 2013, are furnished herewith as Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information presented herein under Item 7.01 and set forth in the attached Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and is not to be incorporated by reference into any filing of PVA under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1    Press release dated April 24, 2013.
99.2    Press release dated April 24, 2013.
99.3    Press release dated April 24, 2013.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 24, 2013

 

Penn Virginia Corporation
By:   /s/ Nancy M. Snyder
Name:   Nancy M. Snyder
Title:   Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary

Exhibit Index

 

Exhibit No.

   

Description

99.1    Press release dated April 24, 2013.
99.2    Press release dated April 24, 2013.
99.3    Press release dated April 24, 2013.
 EX-99.1 2 d526586dex991.htm EX-99.1 EX-99.1
LOGO    Exhibit 99.1

Four Radnor Corporate Center, Suite 200

Radnor, PA 19087

Ph: (610) 687-8900 Fax: (610) 687-3688

 

 

FOR IMMEDIATE RELEASE

PENN VIRGINIA CORPORATION CLOSES UPSIZED PRIVATE PLACEMENT OF

$775 MILLION OF 8.50 PERCENT SENIOR NOTES DUE 2020

RADNOR, PA (Globe Newswire) April 24, 2013 – Penn Virginia Corporation (NYSE: PVA) announced today 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 percent 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 (Tender Offer) for all of its outstanding 10.375 percent senior notes due 2016 (2016 Senior Notes) 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.

The Notes are not registered under the Securities Act of 1933, as amended (Securities Act), 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.

The Notes and the related guarantees are eligible for trading by qualified institutional buyers under Rule 144A under the Securities Act and to persons outside the United States under Regulation S under the Securities Act.

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any of these securities, or the solicitation of tenders with respect to the 2016 Senior Notes. No offer, solicitation, purchase or sale will be made in any state in which such offer, solicitation, purchase or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

******

 

Contact: James W. Dean
     Vice President, Corporate Development
     Ph: (610) 687-7531 Fax: (610) 687-3688
     E-Mail: invest@pennvirginia.com
EX-99.2 3 d526586dex992.htm EX-99.2 EX-99.2
LOGO    Exhibit 99.2

Four Radnor Corporate Center, Suite 200

Radnor, PA 19087

Ph: (610) 687-8900 Fax: (610) 687-3688

 

 

FOR IMMEDIATE RELEASE

PENN VIRGINIA CORPORATION ANNOUNCES

CLOSING OF EAGLE FORD SHALE ACQUISITION

RADNOR, PA (BusinessWire) April 24, 2013 – Penn Virginia Corporation (NYSE: PVA) today 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 (NYSE: MHR) 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.

In conjunction with the closing of the acquisition, we have added a West Texas Intermediate (WTI) oil swap for 2,000 barrels of oil per day at a price of $90.43 per barrel from May 1, 2013 to December 31, 2013. This brings our crude oil hedges to approximately 67 percent of the mid-point of oil production guidance for 2013, including expected oil production from the acquired assets.

******

Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged primarily in the development, exploration and production of oil and natural gas in various domestic onshore regions including Texas, Oklahoma, Mississippi and Pennsylvania. For more information, please visit our website at www.pennvirginia.com.

 

Contact: James W. Dean
     Vice President, Corporate Development
     Ph: (610) 687-7531 Fax: (610) 687-3688
     E-Mail: invest@pennvirginia.com
EX-99.3 4 d526586dex993.htm EX-99.3 EX-99.3
LOGO    Exhibit 99.3

Four Radnor Corporate Center, Suite 200

Radnor, PA 19087

Ph: (610) 687-8900 Fax: (610) 687-3688

www.pennvirginia.com

 

 

FOR IMMEDIATE RELEASE

PENN VIRGINIA CORPORATION ANNOUNCES RECEIPT OF REQUISITE CONSENTS TO AMEND

INDENTURE GOVERNING ITS 10.375 PERCENT SENIOR NOTES DUE 2016

TENDERS RECEIVED FROM HOLDERS TOTALING APPROXIMATELY $173 MILLION, OR 58 PERCENT,

OF OUTSTANDING NOTES

RADNOR, PA (Globe Newswire) April 24, 2013 – Penn Virginia Corporation (NYSE: PVA) announced today that, as of 5:00 p.m., New York City time, today (Consent Expiration), as reported by the tender agent, it had received tenders and consents from holders of approximately $173 million, or 58 percent, of the principal amount of its outstanding 10.375 percent senior notes due 2016 (2016 Senior Notes), in connection with its previously announced tender offer (Offer) and consent solicitation respecting the 2016 Senior Notes.

PVA intends to execute later today a supplemental indenture with respect to the indenture governing the 2016 Senior Notes (Indenture) that will shorten to three business days the minimum notice period for optional redemptions eliminate substantially all restrictive covenants and certain default provisions contained in the Indenture. The supplemental indenture, however, will not become operative until PVA has purchased a majority in principal amount of the 2016 Senior Notes pursuant to the terms of the Offer.

PVA’s obligation to accept for purchase, and to pay for, any 2016 Senior Notes pursuant to the Offer is subject to a number of conditions that are set forth in the Offer to Purchase and Consent Solicitation Statement, dated April 11, 2013, as amended on April 18, 2013, including the closings earlier today of PVA’s previously announced Eagle Ford Shale acquisition and its private placement of $775 million in principal amount of 8.50 percent senior notes due 2020. Subject to the satisfaction or waiver of the remaining customary conditions to the Offer, PVA expects to pay tomorrow to all holders who validly tendered their 2016 Senior Notes prior to the Consent Expiration, and did not withdraw them prior to 5:00 p.m., New York City time, today (Withdrawal Time), the Total Consideration of $1,065.34 for each $1,000 principal amount of 2016 Senior Notes, which includes a $30.00 consent payment.

The Offer is scheduled to expire at 11:59 p.m., New York City time, on May 8, 2013, unless extended (the Expiration Time). Holders who validly tender their 2016 Senior Notes after the Consent Expiration but before the Expiration Time will be eligible to receive on the final settlement date only the Tender Offer Consideration, which is $1,035.34 for each $1,000 principal amount of 2016 Senior Notes, and does not include a consent payment. The final settlement date is expected to be May 9, 2013.

Holders whose 2016 Senior Notes are purchased in the Offer will also receive accrued and unpaid interest from the most recent interest payment date for the 2016 Senior Notes up to, but not including, the applicable settlement date.

The Withdrawal Time has passed, so previously tendered 2016 Senior Notes may no longer be withdrawn, and holders who tender their 2016 Senior Notes thereafter will not have withdrawal rights.

The complete terms and conditions of the Offer are described in the Offer to Purchase and Consent Solicitation Statement dated April 11, 2013, as amended on April 18, 2013, copies of which may be obtained from D.F. King & Co., Inc., the tender agent and information agent for the Offer, by calling (800) 967-4612 (US toll-free) or (212) 269-5550 (collect) or by emailing pva@dfking.com.

PVA has also retained RBC Capital Markets, LLC as dealer manager for the Offer and solicitation agent for the Consent Solicitation. Questions regarding the terms of the Offer may be directed to RBC Capital Markets, LLC, Liability Management Group, at (212) 618-7822 (collect) and (877) 381-2099 (US toll-free).

None of PVA, its board of directors (or any committee thereof), the dealer manager, the tender agent, the information agent, the trustee for the 2016 Senior Notes or their respective affiliates is making any recommendation as to whether or not holders should tender all or any portion of their 2016 Senior Notes in the Offer.

This announcement is not an offer to purchase, a solicitation of an offer to sell or a solicitation of consents with respect to any securities. The Offer is being made solely by the Offer to Purchase and Consent Solicitation Statement dated April 11, 2013, as amended April 18, 2013. The Offer is not being made to holders of 2016 Senior Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

******

Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged primarily in the development, exploration and production of oil and natural gas in various domestic onshore regions including Texas, Oklahoma, Mississippi and Pennsylvania. For more information, please visit our website at www.pennvirginia.com.

Certain statements contained herein that are not descriptions of historical facts are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements.

Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

 

Contact: James W. Dean
     Vice President, Corporate Development
     Ph: (610) 687-7531 Fax: (610) 687-3688
     E-Mail: invest@pennvirginia.com
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