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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Sat., Apr. 19, 3:52 AM

Slide #12. Legacy Reserves LP Secondary Offering

Company: Legacy Reserves LP (NASDAQ:LGCY)
Date announced: 4/10/2014
Shares Offered: 2,000,000
Date of Pricing: 4/10/2014
Price Per Share: $25
Secondary Offering Details: Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced that it has commenced a public offering of Series A Preferred Units pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). Legacy will grant the underwriters a 30-day option to purchase additional Series A Preferred Units. It is anticipated that the preferred rate will be fixed for 10 years from the date of original issuance of the Series A Preferred Units and thereafter will be adjusted on a monthly basis based on a spread to three-month LIBOR. Legacy intends to use the net proceeds of this offering to fund a portion of pending acquisitions of certain oil-weighted properties located in Chaves County, New Mexico and Sheridan County, Montana and for general partnership purposes, which may include temporary repayment of outstanding borrowings under its revolving credit facility. Stifel, Barclays and MLV & Co. will act as joint book-running managers of the offering. Janney Montgomery Scott and Ladenburg Thalmann & Co. Inc. will act as co-managers of the offering. - updated 4/11 - Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced the pricing of its public offering of 2,000,000 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series A Preferred Units") at a price of $25.00 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 300,000 Series A Preferred Units from Legacy at the public offering price less the underwriting discount. Distributions on the Series A Preferred Units will be payable at a rate of 8% per annum of the stated liquidation preference of $25.00 from the date of issuance up to (but excluding) April 15, 2024, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 5.24% per annum. The offering is scheduled to close on April 17, 2014.

Legacy Reserves focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent and Rocky Mountain regions of the U.S. Co.'s development projects are primarily focused on drilling and completing new wells, which include accessing additional productive formations in existing well-bores, formation stimulation, and artificial lift equipment enhancement, as well as secondary (waterflood) and tertiary (miscible carbon dioxide and nitrogen) recovery projects. As of Dec 31 2012, Co. had proved reserves of 52.0 million barrels of oil, 159.31 billion cubic feet of natural gas, and 4.6 million barrels of natural gas liquids.
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Company Name:  Legacy Reserves LP
Website:  www.legacylp.com
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding LGCY:  2
Total Market Value Held by ETFs:  $6.47M
Total Market Capitalization:  $1.47B
% of Market Cap. Held by ETFs:  0.44%
 

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April 19, 2014    3:52 AM Eastern
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