Legacy Reserves LP (NasdaqGS: LGCY) made a public offering of series A preferred units with an underwriters’ monthlong option to purchase additional units, the company said April 10.
Net proceeds from the offer will support acquisitions of oil-weighted properties in Chaves County, N.M. and Sheridan County, Mont., Legacy said.
They will also support general partnership purposes such as temporary repayment of revolving credit facility debt.
Stifel, Barclays and MLV & Co. are joint book-running managers, the company said, noting that Janney Montgomery Scott and Ladenburg Thalmann & Co. Inc. are co-managers.
Midland, Texas-based Legacy Reserves LP is an MLP that acquires and develops oil and natural gas properties across the U.S.
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