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Slideshow Preferred Stock Offerings

By Ru Back Packer Staff, updated Thursday, February 1, 6:42 AM

Slide #253. Legacy Reserves LP Preferred Stock Offering

Company: Legacy Reserves LP (NASDAQ:LGCY)
Date announced: 4/10/2014
Shares Offered: 2,000,000
Date of Pricing: 4/10/2014
Price Per Share: $25
Preferred Stock Offering Details: Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced that it has commenced a public offering of Series A Preferred Units pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (the "SEC"). Legacy will grant the underwriters a 30-day option to purchase additional Series A Preferred Units. It is anticipated that the preferred rate will be fixed for 10 years from the date of original issuance of the Series A Preferred Units and thereafter will be adjusted on a monthly basis based on a spread to three-month LIBOR. Legacy intends to use the net proceeds of this offering to fund a portion of pending acquisitions of certain oil-weighted properties located in Chaves County, New Mexico and Sheridan County, Montana and for general partnership purposes, which may include temporary repayment of outstanding borrowings under its revolving credit facility. Stifel, Barclays and MLV & Co. will act as joint book-running managers of the offering. Janney Montgomery Scott and Ladenburg Thalmann & Co. Inc. will act as co-managers of the offering. - updated 4/11 - Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced the pricing of its public offering of 2,000,000 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series A Preferred Units") at a price of $25.00 per unit. The underwriters have been granted a 30-day option to purchase up to an additional 300,000 Series A Preferred Units from Legacy at the public offering price less the underwriting discount. Distributions on the Series A Preferred Units will be payable at a rate of 8% per annum of the stated liquidation preference of $25.00 from the date of issuance up to (but excluding) April 15, 2024, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 5.24% per annum. The offering is scheduled to close on April 17, 2014.

Legacy Reserves is engaged in the acquisition and development of oil and natural gas properties. Co. owns and operates oil and natural gas producing properties located primarily in East Texas, the Permian Basin (West Texas and Southeast New Mexico), Rocky Mountain and Mid-Continent regions of the United States. Co. is focused on two activities: the acquisition of producing oil and natural gas properties and the development of properties in established producing trends. As of Dec 31 2016, Co. had proved reserves of 144.8 million barrels of oil equivalent, consisting of 32.5 million barrels of oil, 7.8 million barrels of natural gas liquids, and 627 billion cubic feet of natural gas.

Preferred: LGCYP

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Name: Legacy Reserves LP
Sector: Oil & Gas Exploration & Production

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