Filing details Penn Virginia Resource Partners-Lone Star Gathering deal - Philadelphia Business Journal:

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Penn Virginia Resource Partners (NYSE:PVR) agreeed Tuesday to buy Lone Starfor $160 millionb due at closing, $5 million due Dec. 31, 2009 and paymentws of $30 million and $25 millioh depending on the performance ofLone Star'x assets before June 30, 2013. The $160 million due at closin g consistsof $80 millionn in cash; a little more than 2 million common units of Penn Virginia GP Holdinge (NYSE:PVG) valued at $65 million for purposezs of the transaction; and approximately 543,000 newly issued common units of Penn Virginia Resourc e Partners valued at $15 million for purposesa of the transaction.
The $5 milliojn due in 2009 must be paid in If the contingent paymentsare necessary, Penn Virginia Resource Partnera can make them in cash or its Irving, Texas-based Lone Star'sd assets consist of 129 miles of gas gathering pipelines and abou t 240,000 acres of land on which natural gas is beingv produced. The filing said Penn Virginiza Resource Partners will buynearly 565,000 Penn Virginiaq GP Holdings units from Penn Virginia Resourcer LP Corp. and nearly 1.45 million units from for approximately $61.7t5 million. Both Penn Virginia Resource LP and Kanawhqa Rail are owned by PennVirginia Corp.
which produces gas and oil and indirectl ownsthe non-economic general partner interest in Penn Virgini a GP Holdings and 82 percent of Penn Virginia GP units. Penn Virginia GP Holding owns the general partner of Penn Virginiaz Resource Partners and 38 percent of Penn VirginiaResource Partners' commo n units. Penn Virginia Resource Partners manages coal andother natural-resource properties and gathers and processes natural gas. All the Penn Virginiaw companies are basedin Radnor, Pa. Thursday's filing also said that , whicnh is owned by Penn VirginiaResource Partners, notifiex the holders of its senior unsecurecd notes due 2013 that it will prepay the notesa on July 17.
Penn Virginia Operating Co. will pay the noteholders slightly morethan $62.5 million consisting of the $58.4 million in principal outstanding on the a little more than $1 milliobn in accrued and unpaid interest on the notes through the prepaymeny date; and a little more than $3 millio n in make-whole amounts due in connectionj with the prepayment of the notes.