RADNOR, Pa., March 20, 2014 /PRNewswire/ -- PVR Partners,
L.P. (NYSE: PVR) today announced that at a special meeting of
unitholders held earlier today, its unitholders voted to adopt the
Agreement and Plan of Merger dated as of October 9, 2013, as amended (the "Merger
Agreement"), by and among PVR, Regency Energy Partners LP
("Regency") (NYSE: RGP) and their respective general partners,
pursuant to which PVR will merge with and into Regency.
Based on the results, 99.3 percent of the units voted at the
special meeting voted in favor of adoption of the Merger
Agreement. The votes in favor of the Merger Agreement
constituted more than a majority of PVR's units outstanding as of
the record date, as required for adoption of the Merger
Agreement.
As previously announced on October 10,
2013, in accordance with the Merger Agreement, Regency
agreed to acquire PVR in a unit-for-unit transaction. Holders
of PVR common units will receive 1.020 common units of Regency per
PVR common unit, plus a one-time cash payment of $0.262 per PVR common unit. Subject to the
satisfaction of previously disclosed closing conditions, the
companies expect to close the merger on March 21, 2014.
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements," as
defined by the Securities and Exchange Commission, regarding the
proposed transaction between the PVR, and Regency the expected
timetable for completing the proposed transaction, future financial
and operating results, benefits and synergies of the proposed
transaction, future opportunities for the combined company and any
other statements about PVR's or Regency's management's future
expectations, beliefs, goals, plans or prospects. Any
statements that are not statements of historical fact (including
statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates" and similar expressions) should also be
considered to be forward-looking statements.
PVR and Regency cannot give any assurance that expectations
and projections about future events will prove to be correct.
Forward-looking statements are subject to a variety of risks,
uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be
consummated or the benefits contemplated therefrom may not be
realized. Additional risks include: the ability to obtain
requisite regulatory approval and the satisfaction of the other
conditions to the consummation of the proposed transaction, the
ability of Regency to successfully integrate PVR's operations and
employees and realize anticipated synergies and cost savings, the
potential impact of the announcement or consummation of the
proposed transaction on relationships, including with employees,
suppliers, customers, competitors and credit rating agencies, the
ability to achieve revenue, DCF and EBITDA growth, volatility in
the price of oil, natural gas, and natural gas liquids, declines in
the credit markets and the availability of credit for the combined
company as well as for producers connected to the combined
company's system and its customers, the level of creditworthiness
of, and performance by counterparties and customers, the ability to
access capital to fund organic growth projects and acquisitions,
including significant acquisitions, and the ability to obtain debt
and equity financing on satisfactory terms, the use of derivative
financial instruments to hedge commodity and interest rate risks,
the amount of collateral required to be posted from time-to-time,
changes in commodity prices, interest rates, and demand for the
combined company's services, changes in laws and regulations
impacting the midstream sector of the natural gas industry, weather
and other natural phenomena, acts of terrorism and war, industry
changes including the impact of consolidations and changes in
competition, the ability to obtain required approvals for
construction or modernization of facilities and the timing of
production from such facilities, and the effect of accounting
pronouncements issued periodically by accounting standard setting
boards. Therefore, actual results and outcomes may differ
materially from those expressed in such forward-looking
statements.
These and other risks and uncertainties are discussed in more
detail in filings made by PVR and Regency with the Securities and
Exchange Commission, which are available to the public. PVR and
Regency undertake no obligation to update publicly or to revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
* * * * *
PVR Partners, L.P. (NYSE: PVR) is a publicly traded limited
partnership which owns and operates a network of natural gas
midstream pipelines and processing plants, and owns and manages
coal and natural resource properties. Our midstream assets,
located principally in Texas,
Oklahoma and Pennsylvania, provide gathering,
transportation, compression, processing, dehydration and related
services to natural gas producers. Our coal and natural
resource properties, located in the Appalachian, Illinois and San
Juan basins, are leased to experienced operators in exchange
for royalty payments. More information about PVR is available
on our website at www.pvrpartners.com.
Contact:
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Stephen R.
Milbourne
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Director - Investor
Relations
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Phone:
610-975-8204
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E-Mail:
invest@pvrpartners.com
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SOURCE PVR Partners, L.P.