LinnCo LLC, a wholly-owned subsidiary of LINN Energy LLC has started an initial public offering of 30,250,000 common shares.
The underwriters will be granted a 30-day option to purchase an additional 4,537,500 common shares. The common shares have been approved for listing on the NASDAQ Global Select Market and subject to official notice of issuance will trade under the symbol "LNCO".
LinnCo, a Delaware limited liability company, will use net proceeds from the offering to acquire a number of LINN units equal to the number of LinnCo shares sold in the offering. LinnCo will have no assets or operations other than those related to its ownership of LINN units. LINN expects to use the proceeds it receives from the sale of LINN units to LinnCo to repay debt and pay the expenses of the offering.
Barclays, Citigroup, RBC Capital Markets, Wells Fargo Securities, BofA Merrill Lynch, Credit Suisse, Raymond James and UBS Investment Bank will act as the joint book-running managers in the transaction. Goldman, Sachs & Co., and J.P. Morgan, will act as senior co-managers in the transaction. Baird, BMO Capital Markets, Credit Agricole CIB, CIBC, Scotiabank / Howard Weil and Mitsubishi UFJ Securities will act as the co-managers in the transaction.