|Unsecured Notes Exchanged ($ in millions)||Par Value of Unsecured Notes||Principal Amount of Second Lien Notes|
|6.50% senior notes due May 2019||$||584||$||292|
|6.25% senior notes due November 2019||824||412|
|8.625% senior notes due April 2020||286||143|
|7.75% senior notes due February 2021||184||92|
|6.50% senior notes due September 2021||121||61|
|(1) Does not sum due to rounding.|
Strategic advantages of these exchanges:
- Reduce total debt by $1 billion,
- Decrease annualized interest expense by approximately $16 million;
- Reduce the nearest senior unsecured debt maturities (due in 2019) by approximately $1.4 billion, or 53 percent, subject to the potential Springing Maturity of the Second Lien Notes; and
- Preserve $500 million of second lien capacity for potential future issuance of new secured debt.
A BOUT LINN ENERGYLINN Energy's mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. These statements, including the Company's plans to complete the exchanges, ability to improve the Company's balance sheet, reduce interest expense and affect debt maturity dates, are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company's financial and operating performance and results, level of indebtedness and ability to complete any potential debt restructuring transaction, prices and demand for oil, natural gas and natural gas liquids, estimates of reserves and the ability to replace and efficiently develop current reserves, general economic conditions and other important factors that could cause actual results to differ materially from those projected. These risks are described in the Company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACTS: LINN ENERGY, LLCInvestors & Media:Clay Jeansonne - Vice President - Investor Relations281-840-4193Sarah Nordin - Public Relations & Media713-904-6605