Linn Energy Launches $750M Junk Offer
September 8, 2010
Linn Energy plans to raise $750 million in a high yield bond offer, the Houston-based oil and gas company announced Wednesday.
The company plans to use the proceeds from the senior notes due 2021 to reduce debt under its revolver and unwind interest rate derivative contracts.
The company could price the bonds in a drive-by offering. Barclays, BNP Paribas, Citigroup, Credit Agricole, RBC, RBS, and Wells Fargo are the bookrunning managers.
Linn, which buys and manages oil and gas assets, priced $1.3 billion in 8.625% senior notes due 2020 on March 30 in a deal upsized significantly from its original $500 million goal (LFN, March 29, 2010).
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