MIDLAND, Texas, Nov. 14, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) today announced it has closed a public offering of an aggregate of 3,400,000 units representing limited partner interests at a price to public of $28.85 per unit ($27.696 per unit to Legacy Reserves LP, net of underwriting discount and commissions). An additional 510,000 units could be sold to the underwriters pursuant to their 30-day option to purchase additional units. Legacy Reserves LP intends to use the total net proceeds from the offering, excluding offering expenses, to repay outstanding borrowings under its revolving credit facility. UBS Investment Bank, Raymond James and Citigroup acted as joint book-running managers of the offering. RBC Capital Markets acted as a co-lead manager of this offering and Baird, Stifel Nicolaus Weisel and Wunderlich Securities acted as co-managers of the offering.
About Legacy Reserves LP
Legacy Reserves LP is an independent oil and natural gas limited partnership headquartered in Midland, Texas, focused on the acquisition and development of oil and natural gas properties primarily located in the Permian Basin, Mid-Continent and Rocky Mountain regions of the United States.
This press release includes forward-looking statements regarding future events. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of Legacy Reserves LP, and a variety of risks that could cause results to differ materially from those expected by the management of Legacy Reserves LP. Legacy Reserves LP undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.