Linn Energy LLC (Nasdaq:LINE) sold $1 billion of senior unsecured notes in a private placement, according to IFR. Citigroup (NYSE:C) and Barclays (NYSE:BCS) were bookrunning managers on the placement.
They were offered in the 144a private placement market.
Linn said in a press release: "LINN Energy intends to use the majority of the net proceeds from the notes offering to reduce debt under its revolving credit facility. Additionally, a portion of the proceeds from the sale of the notes will be used to unwind certain interest rate swaps. The offering is expected to close on September 13, 2010, subject to satisfaction of customary closing conditions."
Besides Barclays and Citigroup, other bookrunners included BNP Paribas, Credit Agricole, RBC, RBS, and Wells Fargo Securities.
BORROWER: LINN ENERGY LLC
AMT $1 BLN - COUPON 7.750 PCT - MATURITY 2/1/2021
TYPE SR NTS - ISS PRICE 98.264 - FIRST PAY 3/15/2011
MOODY'S B2 - YIELD 8.00 PCT - SETTLEMENT 9/13/2010
S&P SINGLE-B - SPREAD 535 BPS - PAY FREQ SEMI-ANNUAL
FITCH N/A - MORE THAN TREAS - NON-CALLABLE 5 YRS*
*MAKE-WHOLE CALL 50 BPS