LINN Energy upsizes 10-year senior notes to $750 million, talked at 9%

By Stephanie N. Rotondo

Portland, Ore., March 29 - LINN Energy LLC/LINN Energy Finance Corp. upsized their previously announced issue of 10-year senior notes to $750 million from $500 million, according to a market source.

The new issue is expected to price after the books close on Tuesday at 11 a.m. ET.

Talk has the issue yielding around the 9% mark, including approximately 2 points of original issue discount.

RBC Capital Markets Corp., Barclays Capital Inc., BNP Paribas, Citigroup Global Markets Inc., Credit Agricole, RBS Securities Inc. and Wells Fargo Securities are the joint bookrunners for the Rule 144A and Regulation S offering. BMO Capital Markets Corp., Scotia Capital (USA) Inc. and UBS Securities LLC are acting as joint co-managers.

The bonds are non-callable for five years.

Proceeds from the new issue will be used to reduce debt under the company's revolving credit facility and to unwind interest rate derivative contracts.

LINN Energy is a Houston-based oil and natural gas development company.

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