| Legacy Reserves announces pricing of offering of 2 mln 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units at $25 per unit ( LGCY) : Co announced the pricing of its public offering of 2,000,000 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units at a price of $25.00 per unit. 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 expects to receive net proceeds of approximately $48,125,000 (or approximately $55,388,750 if the underwriters exercise their option to purchase an additional 300,000 Series A Preferred Units), after deducting underwriting discounts and estimated offering expenses, from the offering. 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. are acting as joint book-running managers of the offering. |
