Prospectus excerpt: We are offering 7,000,000 units of 7.625% Series B Cumulative Redeemable Perpetual Preferred Units (ôSeries B Preferred Unitsö) of Vanguard Natural Resources, LLC.
Distributions on the Series B Preferred Units are cumulative from the date of the original issue and will be payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by our board of directors. The initial distribution on the Series B Preferred Units will be payable on May 15, 2014 in an amount equal to $0.33889 per unit. Distributions on the Series B Preferred Units will be payable out of amounts legally available therefor at an initial rate equal to 7.625% per annum of the stated liquidation preference.
At any time on or after April 15, 2024, we may redeem the Series B Preferred Units, in whole or in part, out of amounts legally available therefor, at a redemption price of $25.00 per unit plus an amount equal to all accumulated and unpaid distributions thereon to the date of redemption, whether or not declared. We may also redeem the Series B Preferred Units in the event of a Change of Control. See ôThe Offering ù Change of Control.ö