Legacy Reserves LP (LGCY-NASDAQ) priced as the first IPO of 2007. Its IPO of 6,000,000 units representing limited partner interests priced at $19.00 per unit, in the bottom half of the indicated $18.50 to $20.50 range. Net proceeds to the partnership after underwriting are expected to be about $104 million. The proceeds will be used to repay indebtedness outstanding under Legacy Reserves’ credit facility. If the 900,000 unit over-allotment is exercised Legacy Reserves intends to use the net proceeds to repay indebtedness and for general partnership purposes.
Wachovia Capital Markets and Friedman Billings Ramsey are the joint book-runners; Raymond James, RBC Capital, Oppenheimer, and Stifel Nicolaus are co-managers. The company was formed via acquisitions, including one of the Kinder Morgan properties.
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.
Jon C. Ogg
January 12, 2007
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