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MIDLAND, Texas, Sept. 18, 2009 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced it has closed a public offering of an aggregate of 3,795,000 units representing limited partner interests at $15.85 per unit ($15.18 per unit, net of underwriting discount and commissions), including 495,000 units sold to the underwriters pursuant to their option to purchase additional units, which the underwriters exercised in full on September 15, 2009. The partnership intends to use the total net proceeds from the offering, excluding offering expenses, of approximately $57.6 million for general partnership purposes, including potential future acquisitions. Pending the use of the proceeds for other purposes, the partnership intends to apply the net proceeds to reduce outstanding borrowings under the partnership's revolving credit facility.
Wells Fargo Securities, LLC, Raymond James & Associates, Inc. and RBC Capital Markets Corporation acted as joint book-running managers of the offering. Oppenheimer & Co. Inc., Stifel Nicolaus & Company, Incorporated and Wunderlich Securities, Inc. acted as co-managers of the offering. A copy of the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from:
Wells Fargo Securities, LLC Attn: Equity Syndicate Dept. 375 Park Avenue New York, New York 10152 Email: equity.syndicate@wachovia.com Telephone: 800-326-5897 Raymond James & Associates, Inc. 800 Carillon Parkway St. Petersburg, Florida 33716 Telephone: (800) 248-8863 RBC Capital Markets Corporation Three World Financial Center 200 Vesey Street, 8th Floor New York, NY 10281-8098 Attention: Equity Syndicate Phone: (212) 428-6670
You may also obtain these documents for free when they are available by visiting the Securities and Exchange Commission's Web site at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there by any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, focused on the acquisition and exploitation of oil and natural gas properties primarily located in the Permian Basin of West Texas and southeast New Mexico.
CONTACT: Legacy Reserves LP
Steven H. Pruett, President and Chief Financial Officer
432-689-5200
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