Sun, Sep 21, 2014, 4:06 AM EDT - U.S. Markets closed

Recent

% | $
Quotes you view appear here for quick access.

Linn Energy, LLC (LINE) Message Board

  • rlp2451 rlp2451 Oct 12, 2012 8:18 AM Flag

    Bloomberg on LNCO

    LinnCo LLC, created to help partnership Linn Energy LLC (LINE) attract more institutional investors, raised $1.1 billion in its initial public offering, pricing the shares below the proposed range.

    LinnCo sold 30.25 million shares at $36.50 each, according to a statement yesterday. The company said it would offer the shares within 5 percent of Linn’s last price before the offering, according to filings with the U.S. Securities and Exchange Commission. Linn closed at $40.01 yesterday, making the range $38.01 to $42.01.

    Each share of LinnCo represents a unit in Linn Energy, and LinnCo will own 13.2 percent of the partnership, the Houston- based company said in an Oct. 2 filing. Linn will use the proceeds to pay down debt, according to filings. The shares will be listed under the ticker LNCO on the Nasdaq Stock Market.

    Linn is an oil-and-natural gas producer focused on buying older fields that still have stable production. Because it is similar to a master-limited partnership, Linn avoids federal income taxes while passing on most of its cash flow to its unitholders. LinnCo is structured as a corporation, which the company said will allow it to attract investment from pension funds and other investors who are sometimes barred from buying partnerships.

    LinnCo’s dividends will be based on Linn’s payouts. If Linn maintains its $2.90 annual payment per unit, LinnCo shareholders will earn $2.75 to $2.84 after taxes, according to filings.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
 
LINE
31.18-0.06(-0.19%)Sep 19 4:00 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.