27 June 2012material agreement▲ GoodMajor
Agreed to buy BP America's Jonah Field gas properties in Wyoming for $1.025 billion, a second billion-dollar BP transaction within months of the Hugoton deal.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2012material agreement▲ Good
Amended its credit facility to raise the borrowing base to $3.5 billion (subject to a $2 billion commitment cap) and extend maturity to 2017 -- capacity kept scaling with the deal flow.
5 Apr 2012asset acquisition disposition▲ GoodMajor
Closed the $1.2 billion BP Hugoton Basin acquisition.
13 Mar 2012material agreement▲ Good
Agreed to acquire East Texas oil and gas properties for $175 million, funded through the revolver -- a smaller bolt-on alongside the much larger Hugoton deal working through the pipeline.
2 Mar 2012debt financing▲ GoodMajor
Sold $1.8 billion of 6.25% senior notes due 2019 to fund the Hugoton acquisition, its largest single bond offering to date.
28 Feb 2012material agreement▲ GoodMajor
Agreed to buy BP America's Hugoton Basin properties in Kansas for $1.2 billion -- its largest deal since the 2007 Dominion acquisition -- backed by a $360 million deposit and a planned $1.5 billion notes offering.
17 Jan 2012material agreement▲ Good
Sold 17 million units at $35.95, its largest unit offering by share count yet, as the acquisition-and-financing cadence carried into 2012.
19 Dec 2011asset acquisition disposition▲ GoodMajor
Closed the Plains Exploration Granite Wash acquisition for approximately $530 million after post-closing adjustments, slightly below the originally announced $600 million.
9 Nov 2011material agreement▲ GoodMajor
Agreed to acquire Granite Wash properties in Texas and Oklahoma from Plains Exploration & Production for $600 million, to be funded with cash flow and revolver borrowings.
23 Aug 2011material agreement● Neutral
Set up a $500 million at-the-market equity distribution program with Citigroup, giving it an ongoing, flexible way to sell units over time rather than only through discrete offerings.
16 May 2011debt financing▲ GoodMajor
Sold $750 million of 6.50% senior notes due 2019 to fund the Panther/Red Willow acquisition -- a materially lower coupon than the 11.75% and 7.75% notes sold in 2009-10, reflecting improved credit access.
9 May 2011material agreement▲ GoodMajor
Agreed to buy a 40% interest in Panther Energy and Red Willow Mid-Continent's Texas/Oklahoma properties for $220 million, to be funded by a planned $750 million notes offering, and raised full-year guidance accordingly.
5 May 2011debt financing▲ GoodMajor
Replaced its credit facility with a Fifth Amended and Restated Credit Agreement carrying a $2.5 billion initial borrowing base and $1.5 billion maximum commitment, maturing 2016 -- the borrowing base had grown roughly tenfold since 2006.
22 Mar 2011material agreement● Neutral
Tendered for 62.5% of its 11.75% senior notes due 2017 and executed a supplemental indenture with consenting holders -- a routine liability-management exercise ahead of the notes' step-up provisions.
2 Mar 2011material agreement▲ Good
Sold 16 million units at $38.80, Linn's highest unit offering price to date, underscoring investor appetite for the growth-and-yield story through early 2011.
10 Dec 2010material agreement▲ Good
Sold 10 million units at $35.92 (upsized with a fully exercised overallotment option) -- unit price had climbed steadily through 2010 as the growth story continued.
4 Oct 2010material agreement termination▼ Bad
Terminated its $95 million agreement to buy the East Texas Gregg/Rusk county properties announced in July after closing conditions were not met -- one of Linn's rare failed deals in this era of near-continuous dealmaking.
13 Sept 2010debt financing▲ GoodMajor
Sold $1 billion of 7.75% senior notes due 2021, another large bond raise continuing to fund acquisitions and refinance the balance sheet.
22 July 2010material agreement● Neutral
Agreed to acquire East Texas oil and gas properties in Gregg and Rusk counties for $95 million -- this deal would later be terminated in October when closing conditions were not met.
2 July 2010material agreement▲ Good
Agreed to acquire Permian Basin properties for $90 million, to be funded with cash flow and revolver borrowings -- a smaller, self-funded bolt-on compared with the debt- and equity-heavy deals earlier in the year.
9 Apr 2010debt financing● Neutral
Formally issued the $1.3 billion of 8.625% 2020 notes under an indenture with U.S. Bank as trustee -- the mechanical follow-through on the note sale just announced.
31 Mar 2010material agreement▲ GoodMajor
Sold $1.3 billion of 8.625% senior notes due 2020, its largest bond deal yet, funding the ongoing acquisition pipeline.
29 Mar 2010material agreement▲ GoodMajor
Agreed to acquire Permian Basin oil and gas properties for $305 million, citing about 18 million barrels of proved reserves and 120 identified drilling locations -- another sizeable bolt-on funded with a deposit and closing conditions typical of Linn's deal pipeline.
24 Mar 2010material agreement▲ Good
Sold 15 million units at $25.00 to help fund the HighMount acquisition.
22 Mar 2010material agreement▲ GoodMajor
Agreed to acquire HighMount's Antrim Shale gas properties in northern Michigan for about $330 million, to be partly funded by a public equity offering -- acquisitions were back in full swing entering 2010.
2 Dec 2009material agreement▲ GoodMajor
Agreed to acquire Permian and Anadarko Basin properties for $154.5 million, its first new acquisition since the 2008-09 downturn, to be funded with revolver borrowings.
7 Oct 2009material agreement▲ Good
Sold another 7.5 million units at $21.90, continuing the pattern of routinely tapping equity markets to fund growth and delever between acquisitions.
18 May 2009material agreement▲ GoodMajor
Sold 5.5 million units at $16.25 to the public, its first follow-on equity offering since the credit crisis hit -- a sign capital markets access had returned.
18 May 2009debt financing▼ BadMajor
Sold $250 million of 11.75% senior notes due 2017, a materially higher coupon than the 9.625% notes sold in mid-2008 -- a sign of how much costlier debt had become for Linn coming out of the 2008-09 credit crunch.
4 May 2009debt financing● Neutral
Drew a modest $20 million on its revolver to cover fees from amending its credit agreement -- routine treasury activity.