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Oct 11 (Reuters) - LinnCo LLC, an affiliate of oil and gas company Linn Energy LLC, priced its initial public offering at $36.50 each, raising about $1.10 billion, an underwriter said.
The Texas-based company, which filed with the U.S Securities and Exchange Commission in June to raise $1 billion, offered 30.25 million shares in the IPO.
LinnCo said it will use the proceeds to buy as many units from Linn Energy as the number of shares it sold in the IPO.
Linn Energy, in turn, intends to use the proceeds to repay debt.
After the completion of the offering, LinnCo's only business would be to own Linn units, the company said in a filing.
LinnCo is expected to start trading on the Nasdaq on Friday under the symbol "LNCO."
Barclays Capital, Citigroup and RBC Capital are among the underwriters of the offering.