LINN Energy Announces Initial Results Of Tender Offers And Consent Solicitations

HOUSTON, March 15, 2011 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced today the initial tender and consent solicitation results of its previously announced offers to purchase any and all of its outstanding 11.75 percent senior notes due 2017 ("2017 Notes") and 9.875 percent senior notes due 2018 ("2018 Notes") pursuant to the Offers to Purchase and Consent Solicitations dated February 28, 2011. In conjunction with each tender offer, the Company solicited from holders of the notes consents to proposed amendments to the indentures for the 2017 Notes and the 2018 Notes, which would eliminate most of the covenants and certain default provisions applicable to the series of notes issued under such indenture (the "Proposed Amendments").

As of March 14, 2011, at 5:00 p.m., New York City time, the Company had received the requisite tenders and consents to the Proposed Amendments, which will become effective upon execution of the supplemental indentures to the indentures governing each of the 2017 Notes and the 2018 Notes.

On March 16, 2011 (the "Initial Settlement Date"), the Company intends to accept and purchase 1) $101,628,000 aggregate principal amount of the outstanding 2017 Notes (or 62.5 percent of the outstanding principal amount of 2017 Notes) for a purchase price equal to $1,212.50, plus accrued and unpaid interest, for each $1,000 principal amount of the notes purchased, and 2) $117,555,000 aggregate principal amount of the outstanding 2018 Notes (or 70.7 percent of the outstanding principal amount of 2018 Notes) for a purchase price equal to $1,172.50, plus accrued and unpaid interest, for each $1,000 principal amount of the notes purchased. After giving effect to the purchase of 2017 Notes on the Initial Settlement Date, an aggregate $60,872,000 principal amount of the 2017 Notes will remain outstanding; and after giving effect to the purchase of 2018 Notes on the Initial Settlement Date, an aggregate $48,798,000 principal amount of the 2018 Notes will remain outstanding.