LINN Energy LLC (NasdaqGS: LINE) and LinnCo LLC (NasdaqGS: LNCO) offered to purchase three classes of senior notes belonging to Berry Petroleum Co.(NYSE: BRY) Jan. 15. All outstanding 10.25% notes due 2014, all 6.75% notes due 2020 and 6.375% notes due 2022 from Berry will be offered until Feb. 14, the company said.
Berry became a wholly-owned subsidiary of LINN Energy Dec. 16 under a Change of Control, the company said. Under it, Berry is required to make a repurchasing offer, the company said.
The repurchasing offer can cover either all or part of each class of outstanding senior notes, the company added. It must be priced at 101% of the aggregate principal amount of repurchased notes, and include interest,LINN Energy added.
Berry is responsible for any remaining notes after the offer ends, LINN Energy said.
D.F. King & Co. Inc. was retained by LINN as tender agent, the company said.
LINN Energy acquires, develops and maximizes oil and natural gas assets’ cash flow. It has producing reserves in U.S. basins and is based in Houston.
LinnCo is a Delaware-based limited liability company (LLC) focused on LINN Energy’s equity capital development.
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