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Legacy Reserves gets consents needed to amend 2020, 2021 notes
By Wendy Van Sickle
Columbus, Ohio, April 2 – Legacy Reserves LP received the required consents to amend the definition of change of control under the indentures governing its 8% senior notes due 2020 and 6 5/8% senior notes due 2021, according to a press release.
A pair of consent solicitations that expired at 5 p.m. ET on March 30 required consents to be received from holders of a majority principal amount of each series.
Consents were received from holders of about 56.32% of the 2020 notes and of about 69.78% of the 2021 notes, according to Monday’s release. Supplemental indentures effecting the amendments were entered, with certain of the amendments not to become effective until consummation of a planned corporate reorganization.
Legacy Reserves is planning to transition to Legacy Reserves Inc., a newly created Delaware corporation.
The company sought to, among other things, exclude the corporate reorganization from the definition of change of control under the notes and provide a guarantee of the notes by the new Legacy and its general partner, Legacy Reserves GP, LLC.
Legacy owns over 50% of the outstanding principal amount of the 2021 notes and previously said it planned to vote in favor of the proposed amendment relating to the 2021 notes.
In addition, holders of about 32.4% of the 2020 notes agreed to vote in favor of the changes to the 2020 notes. The partnership planned to vote its roughly 22.3% position of the 2020 notes in favor of the proposal as well.
Legacy Reserves is a Midland, Texas-based company focused on the acquisition and development of oil and natural gas properties.
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