Legacy Reserves to price at least $100 million fixed-to-floating preferred units; talk 8%-8.125%

By Stephanie N. Rotondo

Phoenix, June 10 – Legacy Reserves LP is planning a sale of at least $100 million series B fixed-to-floating rate cumulative redeemable preferred units, the company said in a press release Tuesday.

Price talk on the non-rated deal is 8% to 8.125%, according to a trader.

UBS Securities LLC, Morgan Stanley & Co. LLC, Stifel Nicolaus & Co. Inc. and MLV & Co. LLC are the joint bookrunning managers. Janney Montgomery Scott LLC is the senior lead manager.

Co-managers include J.P. Morgan Securities LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co.

The dividend will be fixed for 10 years and will then reset monthly based on Libor plus a spread.

The $25-par units are expected to list on the Nasdaq Global Select Market.

Legacy Reserves is a Midland, Texas-based company focused on the acquisition and development of oil and natural gas properties.

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