Today it was announced by Linn Energy (NASDAQ:LINE) and LinnCO (NASDAQ:LNCO) that the MLP intends to do a public offering of $1.0 billion of senior notes to raise cash. This $1 billion underwriting will consist of two rounds of 6.5% senior unsecured notes. One set will be due in 2019 and another round of the senior unsecured notes will be due in 2021. There is a special consideration for those due in 2019. The 6.5% senior notes due 2019 are expected to be issued as additional notes after the company issued $750 million of 6.5% senior notes due 2019 back on May 13, 2011. These additional 6.5% senior notes that are due in 2019 will be treated as a single class of debt securities with the previously issue senior notes due 2019. Net proceeds from the offering as well as cash on hand are expected to be used to repay indebtedness outstanding under Linn Energy's bridge loan agreement. Barclays Capital Inc., Scotia Capital [USA] Inc., RBC Capital Markets, LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, Goldman, Sachs & Co., RBS Securities Inc. and UBS Securities LLC are acting as joint book-running managers for the offering.
When I last opined on the company, Linn was busy trying....READ FULL ARTICLE
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