What is Vanguard Natural Resources (VNR) up to? This was the question I asked myself when I saw that they had announced a public offering of perpetual preferred units. You can also read the preliminary prospectus here. This offering of preferred units comes only a few weeks after a large secondary offering of common units on May 29. Since announcing the secondary, Vanguard's stock has declined 7% and now yields 9%.
Vanguard's secondary offering of common units netted the company about $191M while the size of the offering of preferred units has still not been released as of this writing. However, it is very likely that the yield on the preferreds will...
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