Legacy Reserves LP Announces Public Offering of Series B Preferred Units
June 10 2014 - 9:55AM
Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced that it
has commenced a public offering of Series B 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 B Preferred Units. It is anticipated
that the preferred rate will be fixed for 10 years from the date of
original issuance of the Series B 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 reduce outstanding borrowings under its revolving
credit facility and for general partnership purposes. UBS
Securities LLC, Morgan Stanley & Co. LLC, Stifel, Nicolaus
& Company, Incorporated and MLV & Co. LLC will act as joint
book-running managers of the offering. Janney Montgomery Scott LLC
will act as senior co-manager. Barclays Capital Inc., J.P. Morgan
Securities LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer
& Co. Inc. will act as co-managers of the offering.
The offering may be made only by means of a prospectus and
related prospectus supplement meeting the requirements of Section
10 of the Securities Act of 1933, as amended. A copy of the
preliminary prospectus supplement and accompanying base prospectus
meeting such requirements relating to this offering may be obtained
from any of the underwriters, including the offices of:
UBS Securities LLC Attn: Prospectus Department 299 Park Avenue
New York, NY 10171 Phone: (877) 827-6444, ext. 561-3884
Morgan Stanley & Co. LLC Attn: Prospectus Department 180
Varick Street, 2nd Floor New York, NY 10014
Stifel, Nicolaus & Company, Incorporated Attn: Syndicate
Department One South Street, 15th Floor Baltimore, MD 21202 Phone:
(855) 300-7136
MLV & Co. LLC Attn: Randy Billhardt 1251 Avenue of the
Americas, 41st Floor New York, NY 10020 Phone: (212) 542-5882
You may also obtain these documents for free when they are
available by visiting the Securities and Exchange Commission's Web
site at www.sec.gov.
The shelf registration statement relating to these securities
has previously been filed with the SEC and automatically deemed
effective. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
This press release includes forward-looking statements regarding
future events. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
Legacy, and a variety of risks that could cause results to differ
materially from those expected by the management of Legacy. Legacy
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time.
CONTACT: Legacy Reserves LP
Dan Westcott, Executive Vice President and
Chief Financial Officer
432-689-5200
Legacy Reserves Inc. (MM) (NASDAQ:LGCY)
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