LINN Energy (LINE) Files IPO Registration Statement w/ SEC for LINN Co. (LNCO)
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LINN Energy, LLC (Nasdaq: LINE) reports that Linn Co, LLC (Nasdaq: LNCO), a wholly-owned subsidiary of LINN has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission ("SEC") relating to its proposed initial public offering of common shares. LinnCo has elected to be taxed as a corporation, and accordingly, its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. The net proceeds from the offering will be used to acquire a number of LINN units equal to the number of LinnCo shares sold in the offering. LinnCo will have no assets or operations other than related to its ownership of LINN units. LINN expects to use the proceeds it receives from the sale of LINN units to LinnCo for general corporate purposes, including financing its acquisition strategy, repaying debt and paying the expenses of the offering. Application will be made to list the common shares of LinnCo on the NASDAQ Global Select Market, under the symbol "LNCO." LINN has filed a "no-action" letter request with the SEC seeking confirmation that LinnCo will not be required to register as an investment company under the Investment Company Act of 1940, and the offering is conditional, among other things, on the receipt of such letter.
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