20 Feb 2013director interest notice● Neutral
LEGACY RESERVES LP Chairman, President and CEO Cary D Brown exercised stock options for 13,483 shares and disposed of 26,966 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2013director interest notice● Neutral
LEGACY RESERVES LP EVP and CDO Kyle A Mcgraw exercised stock options for 4,572 shares and disposed of 9,144 shares.
11 Jan 2013director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry bought 550 shares on the open market at $24.29.
28 Dec 2012director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown disposed of 3,200,000 shares via option/appreciation-right settlement.
24 Dec 2012asset acquisition disposition▲ GoodMajor
Legacy closed the $520 million cash purchase of Permian Basin properties from Concho Resources on Dec 20, 2012, resolving the pending deal from November. It was paid for with the net proceeds of the 9,170,000-unit offering (including a partial exercise of the underwriters' option) and the $300 million senior notes. Separately, the bank credit facility's borrowing base rose from $600 million to $800 million in a Fourth Amendment, with six new lenders joining (Barclays, BB&T, IberiaBank, JPMorgan, Sovereign, Texas Capital).
10 Dec 2012debt financing● NeutralMajor
On Dec 4, 2012 Legacy issued the $300 million 8% Senior Notes due Dec 1, 2020 under an indenture with Wells Fargo as trustee, with interest paid each June 1 and Dec 1 starting June 1, 2013. Proceeds are held in escrow pending the Concho acquisition, with mandatory redemption if it doesn't close by Jan 31, 2013. The notes carry covenants restricting things like paying distributions, selling assets and taking on more debt, and Legacy agreed to register an exchange offer for the notes.
20 Nov 2012debt financing● NeutralMajor
Legacy agreed on Nov 19, 2012 to sell $300 million of 8% Senior Notes due 2020 to initial purchasers at 97.848% of face, for about $286.5 million of net proceeds. The money is meant to fund part of the $520 million Concho Permian acquisition and sits in escrow until it closes; if the deal isn't closed by Jan 31, 2013 or is terminated, the notes are redeemed at 97.848% plus accrued interest. This continues the Concho acquisition funding, alongside the Nov 2012 unit offering and credit facility.
15 Nov 2012material agreement● NeutralMajor
Legacy agreed to sell 8,700,000 new units at $24.80 each ($23.808 net), with an option for 1,305,000 more, closing November 15, 2012, to help fund the $520 million Concho acquisition (the acquisition filing says part would be equity-funded). This dilutes existing unitholders. Lenders also granted a limited waiver, covering interest rate hedging and borrowing base reductions on any senior note issuance, until the earlier of January 31, 2013 or the borrowing base redetermination at closing. About $522 million was borrowed under the credit facility as of November 9, 2012, including a $52 million deposit on the acquisition, and Legacy plans to seek an interim borrowing base redetermination at closing.
9 Nov 2012securities registration● Neutral
LEGACY RESERVES LP filed a prospectus supplement for an offering off its existing shelf.
9 Nov 2012securities registration● Neutral
LEGACY RESERVES LP filed a free-writing prospectus - marketing material for an offering in progress.
8 Nov 2012material agreement▲ GoodMajor
On November 5, 2012 Legacy agreed to buy Permian Basin properties from Concho Resources subsidiaries for $520 million, far larger than its earlier deals with Concho ($105 million in 2010). The properties hold an estimated 25.6 MMBoe of proved reserves (62% oil) and are expected to produce 5,238 Boe/d from 1,584 wells. Closing is expected in December 2012, with funding from a mix of new equity, credit facility borrowings, or possibly debt securities. Legacy expects about $80 million of added operating cash flow in 2013 under the stated price assumptions.
8 Nov 2012securities registration● Neutral
LEGACY RESERVES LP filed the final prospectus for a registered offering.
31 Oct 2012quarterly activities report▼ Bad
LEGACY RESERVES LP reported quarterly revenue of $84.2 million and a net loss of $23.6 million for the period ended 2012-09-30.
31 Oct 2012quarterly activities report▼ Bad
LEGACY RESERVES LP reported quarterly revenue of $84.2 million and a net loss of $23.6 million for the period ended 2012-09-30.
25 Sept 2012director interest notice● Neutral
LEGACY RESERVES LP EVP and CFO James Daniel Westcott received 81,000 shares as part of the equity award.
3 Aug 2012quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $79.2 million and net income of $82.9 million for the period ended 2012-06-30.
1 Aug 2012quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $79.2 million and net income of $82.9 million for the period ended 2012-06-30.
11 June 2012director interest notice● Neutral
LEGACY RESERVES LP Interim CFO, VP and Treasurer James R Lawrence exercised stock options for 3,000 shares and disposed of 3,000 shares.
23 May 2012director interest notice● Neutral
LEGACY RESERVES LP Interim CFO, VP and Treasurer James R Lawrence received 3,600 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP director G Larry Lawrence received 3,509 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP director Kyle D Vann received 3,509 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP director William R Granberry received 3,509 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP director Dale A Brown received 3,509 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP VP, GC and Secretary Dan G. Leroy received 12,500 shares as part of the equity award.
11 May 2012director interest notice● Neutral
LEGACY RESERVES LP director William D Sullivan received 3,509 shares as part of the equity award.
4 May 2012quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $92.6 million and net income of $7.4 million for the period ended 2012-03-31.
3 May 2012quarterly activities report● Neutral
LEGACY RESERVES LP reported quarterly revenue of $92.6 million and net income of $7.4 million for the period ended 2012-03-31.
2 May 2012director interest notice● Neutral
Dan G. Leroy became a LEGACY RESERVES LP VP and General Counsel and company insider (initial ownership filing).
20 Apr 2012director interest notice● Neutral
LEGACY RESERVES LP CAO and Controller Micah C. Foster received 10,000 shares as part of the equity award.
4 Apr 2012director interest notice● Neutral
Micah C. Foster became a LEGACY RESERVES LP CAO and Controller and company insider (initial ownership filing).