- Legacy Reserves Enters Equity Distribution Agreement for Up to $60 Million In Units
Aug 25, 2011
Legacy Reserves (NASDAQ:LGCY) entered into an Equity Distribution Agreement with Knight Capital Americas. Pursuant to the terms of the Agreement, the Partnership may sell from time to time through Knight, as the Partnership's sales agent, the Partnership's common units representing limited partner interests having an aggregate offering of up to $60 million.
Sales of the units, if any, will be made by means of ordinary brokers' transactions on the Nasdaq Global Select Market at market prices, in block transactions or as otherwise agreed by the Partnership and Knight.
Legacy Reserves (NASDAQ:LGCY) has a potential upside of 27.5% based on a current price of $26.68 and an average consensus analyst price target of $34.
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