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Vanguard Natural Resources exercises grace period for senior notes interest payment

chose to exercise the grace period for $15 million in semiannual interestpayment on $381.8 million of its senior notes.

Theinterest payment on the 7.785% senior notes due 2020 was due Oct. 3 beforeVanguard's lenders agreed with Vanguard's decision, which is expected topreserve liquidity in preparation for the upcoming borrowing baseredetermination in the fall of 2016, according to an Oct. 3 news release.

Vanguard'sagreement with its lenders allowed the company to use the grace period withouttriggering an event of default. Payment is expected anytime within 30 daysbeginning Oct. 1, otherwise an event of default will occur, rendering theprincipal amount of the notes plus interest due and payable.

Pendingresults of the redetermination, Vanguard is also pursuing discussions withpotential sources of capital. Evercore is acting as Vanguard's financialadviser for the talks and for other financial matters. Paul Hastings LLP isacting as the legal adviser.