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ap

Legacy Reserves closes offering of 3.8M units

Legacy Reserves closes public offering of nearly 3.8 million units, nets $57.6 million

  • On 3:15 pm EDT, Friday September 18, 2009

MIDLAND, Texas (AP) -- Independent oil and gas operator Legacy Reserves LP said Friday it closed its public offering of nearly 3.8 million units at $15.18 each for net proceeds of about $57.6 million.

The offering includes 495,000 units sold to underwriters related to their option to buy additional units, which they exercised in full on Tuesday.

The company plans to use proceeds for general partnership purposes, possibly including acquisitions or to pay down debt.

Shares fell 9 cents to $16.77 during afternoon trading.

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