HOUSTON, Feb. 28, 2011 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced today the pricing of its public offering of 16,000,000 units of its limited liability company interests at a price to the public of $38.80 per unit. The underwriters have an option to purchase up to an additional 2,400,000 units from the Company at the public offering price less the underwriting discount. The offering is expected to settle and close on March 4, 2011, subject to customary closing conditions.
The Company expects to receive net proceeds from the offering of approximately $596 million (or approximately $685 million if the underwriters exercise their option to purchase additional units in full). The Company intends to use the proceeds to fund its pending acquisitions of oil properties in the Williston Basin and Permian Basin and to fund a portion of its pending tender offer for the Company's Senior Notes due 2017 and Senior Notes due 2018 and related expenses. Any remaining net proceeds are expected to be used for general corporate purposes.
Citi, Barclays Capital, RBC Capital Markets, UBS Investment Bank, BofA Merrill Lynch, Credit Suisse, Raymond James and Wells Fargo Securities acted as joint book-running managers for the offering. A copy of the prospectus supplement and the base prospectus relating to the offering may be obtained from:
The LINN Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6573
This press release does not constitute an offer to sell or a solicitation of an offer to buy units or any other securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of the prospectus supplement and the related base prospectus.
This press release does not constitute an offer to purchase, or a solicitation of an acceptance of the tender offer for, any of the Senior Notes due 2017 or Senior Notes due 2018.
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. These statements include the Company's plans to complete a public offering of its limited liability company interests and the use of proceeds therefrom. 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: LINN Energy, LLC Investors: LINN Energy, LLC Clay Jeansonne, Vice President - Investor Relations 281-840-4193 Media: LINN Energy, LLC Paula Beasley, Manager, Public Affairs & Communications 281-840-4183