Key Developments: Legacy Reserves LP (LGCY.O)
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Latest Key Developments (Source: Significant Developments)
Legacy Reserves LP Increases Quarterly Cash Distribution To $0.575 Per Unit
Legacy Reserves LP announced that the Board of Directors of its general partner has approved a cash distribution attributable to the first quarter of 2013 of $0.575 per unit, payable on May 15, 2013, to unitholders of record at the close of business on May 2, 2013. This quarterly distribution is a $0.005 increase from the prior quarter and represents an annualized distribution of $2.30 per unit. On a year-over-year basis, Legacy's quarterly distribution has increased 3.6%. Full Article
Legacy Reserves LP Increases Quarterly Cash Distribution To $0.57 Per Unit
Legacy Reserves LP announced that the Board of Directors of its general partner has approved a cash distribution attributable to the fourth quarter of 2012 of $0.57 per unit, payable on February 14, 2013, to unitholders of record at the close of business on February 1, 2013. This quarterly distribution is a $0.005 increase from the prior quarter and represents an annualized distribution of $2.28 per unit. On a year-over-year basis, Legacy's quarterly distribution has increased 3.6%. Full Article
Legacy Reserves LP Announces Closing Of Acquisition Of Permian Basin Oil And Natural Gas Properties From Concho Resources Inc
Legacy Reserves LP announced the closing of its acquisition of Permian Basin oil and natural gas properties from Concho Resources Inc. As previously announced, the properties are estimated to produce 5,238 barrels of oil equivalent ("Boe") per day in Q1 2013 from 1,584 existing wells. Proved reserves are estimated to be 25.6 MMBoe, 71% of which are considered proved developed producing and 14% of which are considered proved developed non-producing. Approximately 90.5% of the properties are operated, and 100% of the reserves are located in counties where Legacy currently has operations or adjacent thereto. Legacy financed the acquisition with the aggregate net proceeds from its recent 9,170,000 unit offering (inclusive of a partial exercise of the underwriters' option to issue additional units) and its recent $300 million 8% senior unsecured notes offering. Pursuant to the terms of the senior notes offering, the proceeds of such offering had been placed in escrow pending the closing of the acquisition of the Permian Basin oil and natural gas properties. Full Article
Legacy Reserves LP Prices Private Offering Of Senior Notes
Legacy Reserves LP and its wholly owned subsidiary Legacy Reserves Finance Corporation today announced the pricing of a private offering of $300 million of Senior Notes due 2020, which will bear interest at a rate of 8.0% per annum. The notes are being sold at 97.848% of their face amount. Legacy expects the offering of the notes to close on December 4, 2012, subject to the satisfaction of customary closing conditions. Legacy intends to use the net proceeds of this offering to fund a portion of the $520 million purchase price of its pending acquisition of oil and natural gas properties in the Permian Basin from Concho Resources Inc. Prior to funding the pending acquisition, all of the net proceeds of the notes offering will be placed in an escrow account. If the acquisition is not closed by January 31, 2013 or the acquisition agreement is terminated prior to the consummation of the acquisition, the notes will be redeemed at 97.848% of the principal amount, plus accrued and unpaid interest to the redemption date. Full Article
Legacy Reserves LP Announces Closing Of Public Offering Of Units Representing Limited Partner Interests
Legacy Reserves LP announced that it has closed its previously announced public offering of an aggregate of 8,700,000 units representing limited partner interests at a price to the public of $24.80 per unit ($23.808 per unit to Legacy Reserves LP, net of underwriting discount and commissions) in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. An additional 1,305,000 units could be sold to the underwriters pursuant to their 30-day option to purchase additional units. The Company intend to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the $520 million purchase price of our pending acquisition of oil and natural gas properties in the Permian Basin from Concho Resources, Inc. Prior to funding the pending acquisition described above, Company may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under our revolving credit facility. Wells Fargo Securities, Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets and UBS Investment Bank acted as joint book-running managers of this offering. Full Article
Legacy Reserves LP Announces Pricing Of Public Offering Of Units
Legacy Reserves LP announced that it has priced 8,700,000 units at an offering price to the public of $24.80 per unit in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 1,305,000 additional units if the underwriters sell more than 8,700,000 units in the offering. It intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the $520 million purchase price of the pending acquisition of oil and natural gas properties in the Permian Basin from Concho Resources, Inc. The unit offering is scheduled to close on November 15, 2012. Wells Fargo Securities, Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers of this offering. Full Article
Legacy Reserves LP Announces Public Offering Of Units Representing Limited Partner Interests
Legacy Reserves LP announced that it plans to sell 8,700,000 units in an underwritten public offering pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. The underwriters have been granted a 30-day option to purchase up to 1,305,000 additional units. We intend to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, to fund a portion of the $520 million purchase price of pending acquisition of oil and natural gas properties in the Permian Basin from Concho Resources, Inc. Prior to funding the pending acquisition described above, we may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under our revolving credit facility. Wells Fargo Securities, Barclays, BofA Merrill Lynch, Citigroup, J.P. Morgan, Raymond James, RBC Capital Markets and UBS Investment Bank will act as joint book-running managers of the offering. Full Article
Legacy Reserves LP Announces $520 Million Acquisition Of Permian Basin Properties From Concho Resources Inc
Legacy Reserves LP announced that it has entered into an agreement to purchase Permian Basin oil and natural gas properties from Concho Resources Inc. for $520 million in cash, subject to customary purchase price adjustments. Legacy anticipates closing to occur in December and to finance the transaction with the proceeds from a public equity offering and borrowings under its revolving credit facility, or subject to market conditions, proceeds from the issuance of private or public debt securities. Full Article
Legacy Reserves LP Announces New Chief Financial Officer
Legacy Reserves LP announced the appointment of James Dan Westcott as Executive Vice President and Chief Financial Officer of Legacy Reserves GP, LLC, the general partner of Legacy, effective on or about September 24, 2012. James R. Lawrence, who has been serving as Interim Chief Financial Officer, Vice President - Finance and Treasurer of Legacy Reserves GP, LLC will continue in that capacity until such date and continue thereafter as Vice President - Finance and Treasurer. Full Article
Legacy Reserves LP Increases Quarterly Cash Distribution
Legacy Reserves LP announced that the Board of Directors of its general partner has approved a cash distribution attributable to the second quarter of 2012 of $0.56 per unit, payable on August 10, 2012, to unitholders of record at the close of business on July 30, 2012. This quarterly distribution is a $0.005 increase from the prior quarter and represents an annualized distribution of $2.24 per unit. On a year-over-year basis, Legacy's quarterly distribution has increased 3.7%. Full Article
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