LINN Energy to draw on existing facility for purchase of assets

By Sara Rosenberg

New York, Aug. 6 - LINN Energy LLC plans to use borrowings under its existing credit facility to fund the acquisition of certain oil and natural gas properties in the Permian Basin located in West Texas and New Mexico for $118 million, according to a news release.

The properties are being purchased through two transactions, both of which are expected to close before Oct. 1.

LINN Energy is a Houston-based independent natural gas and oil development company.

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