LINN Energy begins change-of-control offer for Berry Petroleum notes

By Susanna Moon

Chicago, Jan. 15 - LINN Energy, LLC said it is offering to purchase the 10¼% senior notes due 2014, 6¾% senior notes due 2020 and 6 3/8% senior notes due 2022 issued by Berry Petroleum Co., LLC.

On Dec. 16, Berry became a wholly owned subsidiary of LINN Energy, which constituted a change of control under the note terms, according to a press release by LINN Energy, LLC and LinnCo, LLC.

Berry is required to make an offer to purchase all or some of each series of notes at 101% of par plus accrued interest to but excluding the date of purchase.

The offer will end at 9 a.m. ET on Feb. 14.

Any notes that remain outstanding after the offer will continue to be obligations of Berry under the note indentures.

D.F. King & Co., Inc. is the tender agent.

LINN Energy is a Houston-based acquirer and developer of oil and natural gas assets. LinnCo was created to enhance LINN Energy's ability to raise additional equity capital to execute on its acquisition and growth strategy, the press release noted.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.