LINN and its subsidiary, Linn Energy Finance Corp., announced plans to commence a private offering to eligible purchasers of $750 million in aggregate principal amount of its senior unsecured notes due 2021. The Company intends to use the majority of the net proceeds from the proposed offering to reduce debt under its revolving credit facility. A portion of the proceeds will also be used to unwind certain interest rate derivative contracts.
The notes to be offered have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act.
Most Popular Articles