LINN Energy begins senior note exchange agreements

LINN Energy LLC (Nasdaq: LINE) has entered into a series of privately negotiated transactions to exchange an aggregate principal amount of $2 billion of the company's senior unsecured notes for an aggregate principal amount of $1 billion of newly issued senior secured second lien notes. These exchanges are expected to improve LINN's balance sheet and reduce interest expense.

The company has entered into exchange agreements with certain unsecured noteholders pursuant to which the noteholders have agreed to exchange certain of their existing unsecured notes for newly issued second lien notes at a price of 50% of the principal amount of the unsecured notes.

Barclays Capital Inc. and Jefferies LLC served as financial advisors to the company. Barclays served as placement agent for the transaction, and Jefferies served as independent strategic and financial advisor.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...