Finance & Investing | Debt | Capital Markets
Cash Strapped Linn Energy Prices Secondary Offering; Stock Tumble
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LINN Energy, LLC has announced the pricing of its public offering of 16,000,000 of its units representing limited liability company interests at a price to the public of $11.79 per unit.
The underwriters have a 30-day option to purchase up to an additional 2,400,000 units from the Company at the public offering price less the underwriting discount. The offering is expected to settle and close on May 22, 2015, subject to customary closing conditions.
The Company expects to receive net proceeds from the offering of approximately $181 million (or approximately $208 million if the underwriters exercise their option to purchase additional units in full).
Net proceeds from the offering are expected to be used to repay debt under LINN Energy's Credit Facility, which debt was primarily incurred…
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