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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Fri., Oct. 24, 5:30 AM

Slide #22. Legacy Reserves LP Secondary Offering

Company: Legacy Reserves LP (NASDAQ:LGCY)
Date announced: 10/2/2014
Shares Offered: 10,000,000
Date of Pricing: 10/3/2014
Price Per Share: $27.38
Secondary Offering Details: Legacy Reserves LP (Nasdaq:LGCY) today announced that it plans to sell 10,000,000 units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). Legacy Reserves LP expects to grant the underwriters a 30-day option to purchase up to 1,500,000 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including any net proceeds from the underwriters' exercise of their option to purchase additional units, for general partnership purposes, including funding future acquisitions or repaying a portion of the borrowings outstanding under its revolving credit facility. UBS Investment Bank, BofA Merrill Lynch, RBC Capital Markets, Wells Fargo Securities, Barclays, Citigroup, J.P. Morgan and Raymond James will act as joint book-running managers of the offering. - updated 10/3 - Legacy Reserves LP (Nasdaq:LGCY) today announced that it has priced 10,000,000 units at an offering price to the public of $27.38 per unit in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). The underwriters have been granted a 30-day option to purchase up to 1,500,000 additional units. We intend to use the net proceeds of this offering, including any net proceeds from the underwriters' exercise of their option to purchase additional units, for general partnership purposes, including funding future acquisitions or repaying a portion of the borrowings outstanding under our revolving credit facility. The unit offering is scheduled to close on October 8, 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, but also 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 57.0 million barrels of oil, 159.02 billion cubic feet of natural gas, and 4.1 million barrels of natural gas liquids.

Preferred: LGCYP


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Company Name:  Legacy Reserves LP
Website:  www.legacylp.com
Sector:  Oil & Gas Exploration & Production
Number of ETFs Holding LGCY:  4
Total Market Value Held by ETFs:  $8.50M
Total Market Capitalization:  $1.39B
% of Market Cap. Held by ETFs:  0.61%
 

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October 24, 2014    5:30 AM Eastern
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Strong Buy (3.70 out of 4)
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