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October 8, 2009 (FinancialWire) -- LINN Energy, LLC (NASDAQ: LINE | Quote | Chart | News | PowerRating) announced the pricing of its public offering of 7,500,000 units of its limited liability company interests at a price of $21.90 per unit.
The underwriters have an option to purchase up to an additional 1,125,000 units from the company at the public offering price less the underwriting discount. The offering is expected to settle and close on October 13, 2009, subject to customary closing conditions.
The company expects to receive net proceeds of approximately $157 million (or $181 million if the underwriters exercise their option to purchase an additional 1,125,000 units) from the offering and intends to use all of the proceeds for the repayment of debt under LINN Energy's revolving credit facility.
LINN Energy also plans to make a public offering of 6,000,000 units of its limited liability company interests pursuant to an effective shelf registration statement on form S-3ASR filed with the Securities and Exchange Commission. LINN Energy has granted the underwriters a 30-day option to purchase up to an additional 900,000 units. Net proceeds from the offering are expected to be used for the repayment of debt under LINN Energy's revolving credit facility.
Citi, Barclays Capital and RBC Capital Markets will act as joint book-running managers for both offerings.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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