Transaction Summary Legacy Reserves LP announces execution of definitive documentation to effectuate its Corporate Transition to Legacy Reserves Inc. (New Legacy), a newly-created Delaware corporation (the Transaction). Key elements…
Transaction Benefits The Transaction provides clear benefits to Legacy as it: Allows entrance into more supportive C-Corp sector Following widespread bankruptcy filings and the destruction of nearly all of the collective equity value…
Transition Steps Taken & Current Ambitions Goal Description Achieved Successfully built the backbone of a technical operations and development team with horizontal expertise that is scalable to a much larger drilling and completion…
Transaction Overview Key structural and ownership changes: Legacy common units exchanged one-to-one for common shares in New Legacy New Legacy acquires Legacys General Partner (GP LLC) 9.5 million preferred units exchanged for 16.9…
Simplified Capital Structure ( in millions, unless otherwise specified) 3/31/18E Adj Pro Forma (1) Revolver 515 33 548 2nd Lien 339 339 8% Senior Notes 233 233 6.625% Senior Notes 246 246 Total Debt 1,333 33 1,366 Series A…
Implied Share Price at Various EBITDA Multiples Many E&P C-Corps trade at higher EBITDA multiples which would imply higher LGCY share prices LGCY Range of EBITDA Multiples Current EV / '18E EBITDA(1) 5.9x 6.0x 6.5x 7.0x 7.5x 8.0x…
Key Next Steps Complete consent solicitation to amend Senior Notes for the Transaction File Form S-4 subject to SEC review HSR review, if deemed necessary Prepare national stock exchange listing Upon S-4 effectiveness, a…
Loading...
