Legacy Reserves LP (NASDAQ: LGCY) priced its public offer of 7 million Series B preferred units, the company said June 10.
The 8% units were priced at $25 each, Legacy noted.
Underwriters can purchase up to 1 million additional units at a lower price, the company said.
Net proceeds of about $169.1 million are expected, and will reduce outstanding revolving credit facility debts, Legacy said. They will also support general partnership purposes.
The offer is scheduled to close June 17, the company said.
UBS Securities LLC, Morgan Stanley & Co. LLC, Stifel, Nicolaus & Co. Inc. and MLV & Co. LLC are joint book-running managers, the company said.
Janney Montgomery Scott LLC is the senior co-manager, and Barclays Capital Inc., J.P. Morgan Securities LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are also co-managers, the company added.
Midland, Texas-based Legacy Reserves LP is an MLP that acquires and develops domestic oil and natural gas.
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