LINN Energy reported extending a public offering of units and receiving commitments to amend its revolving credit facility.
To partially fund the acquisition, LINN Energy is extending a public offering of 12,000,000 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. In connection with the offering, LINN Energy has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 units.
LINN Energy also announced that it has received commitments to amend its revolving credit facility. The amendment will provide a $1.5 billion facility with a $1.5 billion borrowing base and extend the maturity to March 2015, subject to final documentation. The covenants will be substantially unchanged from the prior facility. The administrative agent for the secured revolving credit facility will be BNP Paribas, and Royal Bank of Canada will serve as the syndication agent. Barclays, Credit Agricole CIB, Citi and The Royal Bank of Scotland plc will serve as co-documentation agents.
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