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Legacy Reserves Inc | 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (LGCYP)

Prospectus excerpt:  We are offering 2,000,000 units of our 8% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests in Legacy Reserves LP, or the Series A Preferred Units, with a liquidation preference of $25.00 per Series A Preferred Unit.

Distributions on the Series A Preferred Units are cumulative from the date of original issue and will be payable monthly in arrears on the 15th day of each month of each year, when, as and if declared by the board of directors of our general partner. The initial distribution on the Series A Preferred Units offered hereby will be payable on May 15, 2014 in an amount equal to $0.155 per Series A Preferred Unit. Distributions on the Series A Preferred Units will be payable out of amounts legally available therefor from, and including, the date of the original issuance to, but not including April 15, 2024 at an initial rate of 8% per annum of the stated liquidation preference. Distributions accruing on and after April 15, 2024 will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable date of determination and (b) 5.24%, based on the $25.00 liquidation preference per Series A Preferred Unit.

At any time on or after April 15, 2019, we may redeem the Series A Preferred Units, in whole or in part, out of amounts legally available therefor, at a redemption price of $25.00 per Series A Preferred Unit plus an amount equal to all accumulated and unpaid distributions thereon through and including the date of redemption, whether or not declared. We may also redeem the Series A Preferred Units in the event of a Change of Control. See "Description of the Series A Preferred Units¨Change of Control."

Full Prospectus PDF », LGCY Page »

Series:A
Redeemable?:Yes
Call Date:4/15/2019 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:2,000,000
Overallotment:300,000
Liquidation Preference:$25
Original Coupon:8% per annum from original issuance to, but not including April 15, 2024. Distributions accruing on and after April 15, 2024 will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined herein) as calculated on each applicable date of determination and (b) 5.24%, based on the 5.00 liquidation preference per Series A Preferred Unit.
Pay Period:Monthly
CDx3 Compliance Rating: Learn LGCYP's Rating
Legacy Reserves is engaged in the acquisition and development of oil and natural gas properties. Co. is focused on the development of oil and natural gas properties primarily located in the Permian Basin, East Texas, Rocky Mountain and Mid-Continent regions of the U.S. Co. has built a portfolio of oil and natural gas reserves primarily through the acquisition of producing oil and natural gas properties and the development of properties in established producing trends.

Preferred: LGCYP


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Name: 
Legacy Reserves Inc
Website: 
www.legacylp.com
Sector: 
Oil & Gas Exploration & Production

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