LINN Energy tenders, solicits consents for 11¾% notes, 9 7/8% notes

By Susanna Moon

Chicago, Feb. 28 - LINN Energy, LLC said it began cash tender offers and consent solicitations for its outstanding 11¾% senior notes due 2017 and 9 7/8% senior notes due 2018.

For each $1,000 principal amount of notes, the company will pay $1,212.50 for the 11¾% notes and $1,172.50 for the 9 7/8% notes tendered by 5 p.m. ET on March 14, the consent date.

The total amounts include a consent payment of $30.00 per $1,000 principal amount.

Those who tender notes after the consent date will receive the total payment less the consent fee.

Tendered notes may be withdrawn and consents revoked before 5 p.m. ET on March 14.

Holders may tender notes until 11:59 p.m. ET on March 25, the expiration date.

LINN is soliciting consents to amend the two series of notes to eliminate most of the covenants and some default provisions.

The adoption of the proposed amendments requires the consent from holders of a majority of the outstanding principal amount of the series of notes.

Holders who tender will be deemed to have consented to the proposed amendments.

Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) is the dealer manager and solicitation agent, and D.F. King & Co., Inc. (800 290-6426) is depositary and information agent.

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

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