Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2008capital raising announcement● NeutralMajor
Legacy agreed on March 13, 2008 to buy Permian Basin (plus some Oklahoma and Kansas) oil and gas properties from private third parties for about $82 million: $55 million cash plus 1,345,291 newly issued units. The cash is to be borrowed under the existing credit facility, and closing is expected in April 2008. Legacy also entered interest rate swaps on $60 million of its borrowings, paying floating and receiving a fixed 2.68%, running April 2008 to April 2011. The unit issuance means existing unitholders are diluted.
9 Nov 2007capital raising announcement● NeutralMajor
Legacy sold 3,642,369 new units to institutional investors in a private placement at $20.50 each (about $75 million), closed November 8, 2007. Proceeds are to mainly repay credit-facility debt that funded the roughly $74 million of October acquisitions. This adds units for existing holders (dilution is an inference). Legacy must register the units within 90 days, with liquidated damages if not effective within 180 days.
On October 24, 2007 Legacy amended its credit agreement again: maximum credit rose to $500 million and the borrowing base to $225 million (from $150 million after the May amendment). Fortis Capital and Compass Bank were added as lenders; Eurodollar loans bear LIBOR plus 1.000%-1.750%. This follows the October acquisitions, though the filing does not link them.
4 Oct 2007asset acquisition disposition▲ GoodMajor
The Texas Panhandle acquisition announced in September closed October 1, 2007: properties bought from The Operating Company and private parties for about $60.5 million in cash, matching the agreed price. Required financial statements will be filed later.
Legacy closed the Summit acquisition on October 1, 2007: Permian Basin producing properties from private parties for about $13.5 million in cash. It has not yet decided whether the deal is large enough to require separate financial statements.
Legacy's revolving-credit lenders granted a waiver letting it hedge more than 85% of expected production from its currently owned proved producing properties, ahead of the pending Texas Panhandle and Permian Basin acquisitions. It lasts until the earlier of those acquisitions closing or December 31, 2007.
On August 31, 2007 Legacy agreed to buy Texas Panhandle producing properties from private parties for $60.5 million in cash, with closing expected in October 2007. Separately, on August 29 it entered interest rate swaps (October 2007 to November 2011) on $54 million notional, paying floating and receiving fixed rates of 4.8075% to 4.82%.
Legacy closed the Permian Basin acquisition announced in July on August 3, 2007, buying properties from Raven Resources and private parties for about $20.3 million in cash, matching the agreed price. Required financial statements will be filed later.
On July 11, 2007 Legacy agreed to buy producing properties, mainly in the Permian Basin, from private parties for $20.3 million in cash. Closing is expected in August 2007, subject to conditions, and is not conditioned on financing.
Legacy closed its purchase of producing properties in the Slaughter field (Cochran County) and Rocker A NW field (Garza County), West Texas, from Raven Resources and Shenandoah Petroleum on May 31, 2007 for about $12.9 million in cash. Required financial statements will be filed later.
Legacy closed its purchase from Terry S. Fields of producing properties in Midland, Upton and Reagan Counties, West Texas, on May 25, 2007 for about $14.6 million in cash. Required financial statements will be filed later.
