Legacy's $300 million notes due 2020 talked at 8¼%-8½%, pricing Monday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Nov. 19 - Legacy Reserves LP and Legacy Reserves Finance Corp. are planning to sell a $300 million offering of senior notes due 2020 (Caa1/B-) to yield 8¼% to 8½%, a market source said.

Books will close at 3 p.m. ET on Monday, with pricing expected thereafter.

Bank of America Merrill Lynch and RBC Capital Markets LLC are the joint global coordinators.

UBS Investment Bank and Wells Fargo Securities LLC are the joint bookrunners.

Barclays, BBVA Securities Inc., BMO Capital Markets Corp., Credit Agricole CIB, KeyBanc Capital Markets LLC, Scotia Capital (USA) Inc., SG CIB, Union Bank and U.S. Bancorp Investments Inc. are the co-managers.

The Rule 144A with registration rights notes will be non-callable for four years, and proceeds will be used to fund a portion of oil and gas properties in the Permian Basin from Concho Resources.

Legacy is a Midland, Texas-based oil and gas exploration and production company.

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