LINN to Redeem Senior Notes
LINN announced that on March 10, 2011, the Company will redeem 35 percent of both its $250 million of 11.75 percent senior notes due 2017 and $256 million of 9.875 percent senior notes due 2018. These redemptions will retire a total of approximately $177 million of senior notes with a weighted average interest rate of 10.8 percent.
"We are pleased to retire a portion of our highest-cost debt, which will reduce our future interest expense," said Kolja Rockov, Executive Vice President and Chief Financial Officer. "Our current cost of capital is significantly lower than when we originally issued these notes. We believe this reflects the strength and size of LINN Energy."
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