HOUSTON, Feb. 11, 2011 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced that on March 10, 2011, the Company will redeem 35 percent of both its $250 million of 11.75 percent senior notes due 2017 and $256 million of 9.875 percent senior notes due 2018. These redemptions will retire a total of approximately $177 million of senior notes with a weighted average interest rate of 10.8 percent.
"We are pleased to retire a portion of our highest-cost debt, which will reduce our future interest expense," said Kolja Rockov, Executive Vice President and Chief Financial Officer. "Our current cost of capital is significantly lower than when we originally issued these notes. We believe this reflects the strength and size of LINN Energy."
ABOUT LINN ENERGY
LINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-25 U.S. independent oil and natural gas development company, with approximately 2.4 Tcfe of proved reserves in producing U.S. basins as of Dec. 31, 2009 (pro forma for completed 2010 acquisitions). More information about LINN Energy is available at .
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This press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, including market conditions, operational developments with respect to the Company and other factors described in the Company's reports filed with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACT: Investors: Clay Jeansonne, Vice President - Investor Relations 281-840-4193 Media: Paula Beasley, Manager, Public Affairs & Communications 281-840-4183