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


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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