LINN Energy (LINE) Prices 5.5M Units at $16.25/Unit; Prices $250M of 11.75% Senior Notes

May 13, 2009 8:23 AM EDT

LINN Energy, LLC (Nasdaq: LINE) announced today the pricing of its public offering of 5,500,000 units of its limited liability company interests at a price of $16.25 per unit. The underwriters have an option to purchase up to an additional 825,000 units from the Company at the public offering price less the underwriting discount. The offering is expected to settle and close on May 18, 2009, subject to customary closing conditions.

The Company expects to receive net proceeds of approximately $85.0 million (or $97.9 million if the underwriters exercise their option to purchase an additional 825,000 units) from the offering and intends to use all of the proceeds for the repayment of debt under LINN Energy's revolving credit facility.

RBC Capital Markets Corporation, Barclays Capital Inc. and Citi acted as joint book-running managers, Credit Suisse Securities (USA) LLC acted as co-lead manager, Raymond James & Associates, Inc. acted as senior co-manager, and Oppenheimer & Co. Inc. acted as co-manager for the offering.

LINN also announced a private offering to eligible purchasers of $250 million in aggregate principal amount of 11.75% senior unsecured notes due 2017 at an offering price equal to 95.081% of par. LINN Energy intends to use the net proceeds from the sale of the notes to repay outstanding indebtedness under its revolving credit facility. The offering is expected to close on May 18, 2009, subject to satisfaction of customary closing conditions.

Related Categories

Corporate News
Equity Offerings

Stocks Mentioned

Related Entities

• Credit Suisse
• Citi
• Raymond James
• RBC Capital
• Barclays

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