Comprehensive M&A data with integrated detailed company information
Linn Co to hit the public markets
Posted on Monday, 25 June 2012 15:22
Texas-based Linn Co, a recently formed affiliate of oil and gas business Linn Energy, has filed for an initial public offering (IPO) to raise up to USD 1.00 billion.
In registration documents filed with the Securities and Exchange Commission, the company said that Barclays is underwriting the IPO, but the number of shares to be sold, and expected price range, were not given.
Once completed, the Houston-headquartered firm will trade on Nasdaq under the symbol “LINE”.
Linn Energy is already listed on the exchange, and its stock closed up 1.2 per cent on Friday at USD 36.09.
According to the filing, the quoted company is one of the largest publicly-traded, US-focused, independent oil and natural gas businesses.
It buys and develops long-life fuel properties and has assets in eight regions of the US, including Oklahoma, Louisiana and New Mexico.
The company generated earnings before interest, taxes, depreciation and amortisation of approximately USD 998.00 million for the year ended 31st December 2011 and USD 302.00 million for the three months ended 31st March 2012.
Average daily production for the first quarter of this year stood at 471.00 millions of cubic feet equivalent per day.
Last week, Linn agreed to purchase certain oil and natural gas reserves in the Green River Basin region of Wyoming for around USD 1.03 billion.
Proceeds from the IPO will be used by Linn Co to acquire units in its affiliate.
© Zephus Ltd