LINN Energy Announces Pricing of LinnCo Initial Public Offering
HOUSTON, Oct 11, 2012 (Menafn - GlobeNewswire via COMTEX) --LINN Energy, LLC LINE ("LINN") announced today the pricing of the initial public offering of 30,250,000 common shares of LinnCo, LLC ("LinnCo"), a wholly-owned subsidiary of LINN, at 36.50 per common share. The common shares are expected to begin trading on the NASDAQ Global Select Market on October 12, 2012 under the ticker symbol "LNCO." The underwriters have the option to purchase up to an additional 4,537,500 common shares from LinnCo, at the same price, to cover over-allotments, if any. The offering is expected to close on or about October 17, 2012, subject to customary closing conditions.
Barclays, Citigroup, RBC Capital Markets, Wells Fargo Securities, BofA Merrill Lynch, Credit Suisse, Raymond James and UBS Investment Bank are acting as the joint book-running managers in the transaction. Goldman, Sachs & Co and J.P. Morgan are acting as senior co-managers in the transaction. Baird, BMO Capital Markets, Credit Agricole CIB, CIBC, Scotiabank / Howard Weil and Mitsubishi UFJ Securities are acting as the co-managers in the transaction.
This offering of common shares is being made only by means of a prospectus. A written prospectus, which meets the requirements of Section 10 of the Securities Act of 1933, may be obtained through:
c/o Broadridge Financialc/o Broadridge
1155 Long Island Avenue1155 Long Island Avenue
Edgewood, NY 11717Edgewood, NY 11717
(888) 603-5847(800) 831-9146
RBC Capital MarketsWells Fargo Securities
Attn: Equity Syndicate
Attn: Equity SyndicateDept.
Three World Financial
Center375 Park Avenue
200 Vesey Street, 8th FloorNew York, NY 10152
New York, NY 10281-8098(800) 326-5897
BofA Merrill LynchCredit Suisse
Attn: Prospectus DepartmentDepartment
222 Broadway, 7th FloorOne Madison Avenue, 1B
New York, NY 10038New York, NY 10010
Raymond JamesUBS Investment Bank
Attn: Equity SyndicateDepartment
880 Carillon Parkway299 Park Avenue
St. Petersburg, FL 33716New York, NY 10171
(800) 248-8863(888) 827-7275
A registration statement relating to these securities has been filed with, and has been declared effective by the SEC. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. The net proceeds from the offering will be used 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.
The LINN Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6573
This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that LINN expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include but are not limited to forward-looking statements about the proposed offering of common shares of LinnCo, the business of LinnCo and the anticipated use of proceeds from the offering. The ultimate consummation of the offering will depend on, among other things, market conditions, and the plans, strategies, objectives and anticipated financial and operating results of LINN, including its acquisition strategy, drilling program, production, hedging activities and capital expenditure levels. The forward-looking statements in this release are based on certain assumptions made by LINN based on its management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of LINN, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to LINN's financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in LINN's reports filed with the Securities and Exchange Commission. See "Risk Factors" in LINN's Annual Report filed on Form 10-K and other public filings and press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and LINN undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE: LINN Energy, LLC; LinnCo, LLC
CONTACT: LINN ENERGY, LLC
Investors & Media:
Clay Jeansonne, Vice President, Investor and Public Relations
Brook Wootton, Director, Investor and Public Relations
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