Vanguard Natural Resources LLC - 2016-02-08

When the private exchange offer of outstanding 7.875% senior notes due 2020 for new 7.0% senior secured second-lien notes due 2023 expired on Feb. 5, about 30.6% of the 7.875% notes had been tendered and not withdrawn. All the notes will likely be accepted for exchange. 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. 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.