| Preferred Stock Offering Details: |
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. - updated 6/11 - Legacy Reserves LP (Nasdaq:LGCY) ("Legacy") today announced the pricing of its public offering of 7,000,000 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series B 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 1,050,000 Series B Preferred Units from Legacy at the public offering price less the underwriting discount. Distributions on the Series B Preferred Units will be payable at a rate of 8.00% per annum of the stated liquidation preference of $25.00 from the date of issuance up to (but excluding) June 15, 2024, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 5.256% per annum. The offering is scheduled to close on June 17, 2014. |
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