Penn Virginia Corporation PVA announced today the expiration and
final results of its previously announced cash tender offer for any and all
of its outstanding 4.50% Convertible Senior Subordinated Notes due 2012 (the
"Convertible Notes"), at a purchase price of $1,035.00 for each $1,000
principal amount of Convertible Notes validly tendered and not validly
withdrawn. The tender offer expired at 12:00 midnight, New York City time,
on April 12, 2011.
As of the Expiration Date, approximately $225.1 million aggregate principal
amount of the Convertible Notes, representing approximately 98% of the
aggregate principal amount of the Convertible Notes outstanding prior to the
tender offer, were validly tendered and not validly withdrawn. PVA accepted
for purchase all Convertible Notes validly tendered and not validly
withdrawn pursuant to the Offer, resulting in aggregate consideration of
approximately $233.0 million (plus approximately $4.2 million in aggregate
accrued interest), excluding any applicable tax withholding. Payment for the
Convertible Notes tendered and accepted for purchase will be made on
Wednesday, April 13, 2011. PVA intends to promptly cancel all the
Convertible Notes it has accepted for purchase and upon giving effect to
such cancellation, approximately $4.9 million aggregate principal amount of
the Convertible Notes will remain outstanding.
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