On January 5th, the management team at Legacy Reserves (LGCY) made an interesting announcement. For months now, market participants have been expecting some sort of move in an effort for the business to restructure its finances and we are finally starting to see some progress after management said it repurchased some of its senior notes at a sizable discount to par. Though more steps will likely happen over the next several months, this is an important and telling move in the right direction.
Management bought back some debt
On December 31st, Legacy finalized a deal to buy back some of its 6.625% 2021 Senior Notes from Fir Tree Partners (and companies affiliated with Fir Tree). The deal allowed Legacy to acquire $187.1 million worth of t…
Read the full article at: https://seekingalpha.com/article/4135702-legacy-reserves-setting-stage-big-move