Key Developments For Legacy Reserves LP
Legacy Reserves LP (LGCY.O) (Nasdaq)
Legacy Reserves LP Announces Affirmation Of Borrowing Base
Legacy Reserves LP announced that it has completed its semi annual redetermination of the borrowing base applicable to the Company's revolving credit facility. BNP Paribas, the Company's Agent Bank, has notified the Company that it has received approval from the lenders under the credit facility to maintain the borrowing base at the existing $340 million level. The next borrowing base review is scheduled for April 1, 2010. The Company's borrowing capacity under its credit facility is currently $110 million.
Legacy Reserves LP Announces Closing of Public Offering of Units and Full Exercise of Green Shoe
Legacy Reserves LP announced that it has closed a public offering of an aggregate of 3,795,000 units representing limited partner interests at $15.85 per unit ($15.18 per unit, net of underwriting discount and commissions), including 495,000 units sold to the underwriters pursuant to their option to purchase additional units, which the underwriters exercised in full on September 15, 2009. The partnership intends to use the total net proceeds from the offering, excluding offering expenses, of approximately $57.6 million for general partnership purposes, including potential future acquisitions. Pending the use of the proceeds for other purposes, the partnership intends to apply the net proceeds to reduce outstanding borrowings under the partnership's revolving credit facility.
Legacy Reserves LP Announces Pricing Of Public Offering Of Units Representing Limited Partner Interests
Legacy Reserves LP announced that it has priced an underwritten public offering of 3,300,000 units at $15.85 per unit. The underwriters have been granted a 30 day option to purchase up to 495,000 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, for general partnership purposes, including potential future acquisitions. Pending the use of the proceeds for other purposes, Legacy Reserves LP intends to apply the net proceeds to reduce outstanding borrowings under its revolving credit facility. The offering is scheduled to close September 18, 2009. Wells Fargo Securities, LLC, Raymond James & Associates, Inc. and RBC Capital Markets Corporation are acting as joint book-running managers of the offering.
Legacy Reserves LP Announces Public Offering Of Units Representing Limited Partner Interests
Legacy Reserves LP announced that it plans to sell 3,300,000 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 495,000 additional units. Legacy Reserves LP intends to use the net proceeds of this offering, including the net proceeds from any exercise of the underwriters' option to purchase additional units, for general partnership purposes, including potential future acquisitions. Pending the use of the proceeds for other purposes, Legacy Reserves LP intends to apply the net proceeds to reduce outstanding borrowings under its revolving credit facility. Wells Fargo Securities, LLC, Raymond James & Associates, Inc. and RBC Capital Markets Corporation will act as joint book-running managers of the offering.
Legacy Reserves LP Announces 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 2009 of $0.52 per unit, payable on August 14, 2009, to unitholders of record at the close of business on August 3, 2009. This quarterly distribution represents an annualized distribution of $2.08 per unit and maintains the distribution amount paid with respect to the prior four quarters.
