Key Developments: Linn Energy LLC (LINE.O)
35.23USD
23 May 2013
$0.30 (+0.86%)
$34.93
$34.75
$35.32
$34.42
1,502,228
1,904,632
$42.57
$34.26
Latest Key Developments (Source: Significant Developments)
Linn Energy LLC Announces First Quarter 2013 Distributions And Dividends
Linn Energy LLC announced that it has declared a cash distribution of $0.725 per unit, or $2.90 per unit on an annualized basis, for all of its outstanding units. The distribution will be payable May 15, 2013, to unitholders of record as of the close of business on May 8, 2013. The Company also declared a cash dividend of $0.725 per common share, or $2.90 per share on an annualized basis, for all of its outstanding common shares. The dividend will be payable May 16, 2013, to shareholders of record as of the close of business on May 8, 2013. Full Article
Linn Energy LLC And LinnCo Announce Early Termination Of Hart-Scott-Rodino Waiting Period for Definitive Merger Agreement With Berry Petroleum Company
Linn Energy LLC and LinnCo, LLC announced that they have received early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with their proposed merger with Berry Petroleum Company, which was announced on February 21, 2013. The termination of this waiting period, which is effective as of March 13, 2013, satisfies one of the conditions to closing for LINN Energy and LinnCo's proposed acquisition of Berry Petroleum Company. The transaction is subject to other closing conditions, including the approval of the shareholders of Berry and LinnCo and the unitholders of LINN Energy. Subject to satisfaction of these other closing conditions, the transaction is expected to close by June 30, 2013. As previously announced on February 21, 2013, LINN Energy, LLC, LinnCo, LLC, and Berry Petroleum Company have signed a definitive merger agreement pursuant to which LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of approximately $4.3 billion, including the assumption of debt. The transaction, which is structured as a stock-for-stock merger of Berry with LinnCo followed by the acquisition of the Berry assets by LINN, is expected to be tax-free to Berry shareholders. This transaction represents the first ever acquisition of a public C-Corp by an upstream LLC or MLP. Full Article
Linn Energy LLC And LinnCo LLC To Acquire Berry Petroleum Co For $4.3 Billion
Linn Energy LLC, LinnCo LLC and Berry Petroleum Co announced the signing of a definitive merger agreement pursuant to which LINN and LinnCo will acquire all of Berry's outstanding shares for total consideration of $4.3 billion, including the assumption of debt. The transaction, which is structured as a stock-for-stock merger of Berry with LinnCo followed by the acquisition of the Berry assets by LINN, is expected to be tax-free to Berry shareholders. This transaction represents the first ever acquisition of a public C-Corp by an upstream LLC or MLP.Under the terms of the agreement, LinnCo has agreed to issue 1.25 common shares for each common share of Berry outstanding prior to the merger. The consideration to be received by Berry shareholders is valued at $46.2375 per Berry share based on LinnCo's closing price as of February 20, 2013. This represents a premium of 19.8 % to the Berry closing price on February 20, 2013, and a premium of 23.1 % to its one month average price at that date. The acquisition, which is expected to be tax-free to Berry's shareholders, is structured as a stock-for-stock merger. In connection with the merger Berry will be converted into an LLC. Upon completion of the merger, LinnCo will contribute the Berry assets to LINN in exchange for LINN units.The transaction is expected to close by June 30, 2013. The combined company will be headquartered in Houston, Texas. Full Article
Linn Energy LLC Announces Cash Distribution
Linn Energy LLC announced a cash distribution for the fourth fiscal quarter of 2012 of $0.725 per unit, or $2.90 per unit on an annualized basis, for all of its outstanding units. The distribution will be payable February 14, 2013, to unitholders of record at the close of business February 7, 2013. Full Article
Linn Energy LLC Issues Q4 2012 EBITDA Guidance; Raises FY 2012 EBITDA Guidance-Conference Call
Linn Energy LLC announced that for the fourth quarter 2012, at the midpoint of guidance range, it expects to generate adjusted EBITDA of approximately $382 million. At the midpoint in the guidance for fiscal 2012, the Company expects to generate adjusted EBITDA of approximately $1.4 billion. Full Article
Linn Energy LLC Announces Pricing of LinnCo, LLC IPO
Linn Energy LLC announced the pricing of the initial public offering (IPO)of 30,250,000 common shares of LinnCo, LLC, 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. Full Article
Linn Energy LLC Issues Q3 2012 EBITDA Guidance; Comments On Q3 2012 Production Guidance; Updates FY 2012 EBITDA Guidance; Comments On FY 2012 Production Guidance
Linn Energy LLC announced that for third quarter of 2012, it expects mid-point of adjusted EBITDA to be approximately $380 million and total production during the quarter to be between 760 MMcfe/d and 780 MMcfe/d. For fiscal 2012, it expects the mid-point of adjusted EBITDA to be approximately $1,365 million and total production guidance to be between 660 MMcfe/d and 685 MMcfe/d. Full Article
Linn Energy LLC Updates On FY 2012 EBITDA Guidance
Linn Energy LLC announced that for fiscal 2012, it expects mid-point of adjusted EBITDA to be approximately $1.35 billion. Full Article
Linn Energy LLC Announces Cash Distribution
Linn Energy LLC announced a cash distribution for the second fiscal quarter of 2012 of $0.725 per unit, or $2.90 per unit on an annualized basis, for all of its outstanding units. The distribution will be payable August 14, 2012, to unitholders of record at the close of business August 7, 2012. Full Article
Linn Energy LLC Announces Filing Of Registration Statement For LinnCo IPO
LINN Energy, LLC announced that Linn Co, LLC (LinnCo), a wholly-owned subsidiary of LINN has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to its proposed initial public offering of common shares. LinnCo has elected to be taxed as a corporation, 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 related to its ownership of LINN units. LINN expects to use the proceeds it receives from the sale of LINN units to LinnCo for general corporate purposes, including financing its acquisition strategy, repaying debt and paying the expenses of the offering. Application will be made to list the common shares of LinnCo on the NASDAQ Global Select Market, under the symbol LNCO. LINN has filed a no-action letter request with the SEC seeking confirmation that LinnCo will not be required to register as an investment company under the Investment Company Act of 1940, and the offering is conditional, among other things, on the receipt of such letter. Barclays will act as lead book-running manager in the transaction. This offering of common shares will be made only by means of a prospectus. Full Article
UPDATE 3-Linn to buy Berry Petroleum for $2.5 bln to add oil reserves
* Offer at 19.8 pct premium to Berry stock's Wednesday close
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