By Sheri Kasprzak
New York, May 30 - Linn Energy, LLC announced plans to complete a $260 million private placement.
A group of investors led by Lehman Brothers MLP Opportunity Fund LP agreed to buy 7,761,194 common units at $33.50 each.
Citigroup Global Markets Inc., Lehman Brothers Inc., RBC Capital Markets Corp. and Jefferies & Co., Inc. were the placement agents.
Proceeds will be used for debt repayment under the company's revolving credit facility.
The company also said Wednesday that it expects to increase to $765 million from $725 million its borrowing base under the credit facility connected to its pending acquisition of oil and gas properties in the Texas Panhandle.
Houston-based Linn is an oil and natural gas exploration company.
| Issuer: | Linn Energy, LLC
|
| Issue: | Common units
|
| Amount: | $260 million
|
| Units: | 7,761,194
|
| Price: | $33.50
|
| Warrants: | No
|
| Investors: | Lehman Brothers MLP Opportunity Fund LP (lead)
|
| Placement agents: | Citigroup Global Markets Inc.; Lehman Brothers Inc.; RBC Capital Markets Corp.; Jefferies & Co., Inc.
|
| Announcement date: | May 30
|
| Stock symbol: | Nasdaq: LINE
|
| Stock price: | $36.45 at close May 30
|
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