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LinnCo Successfully Completes Exchange Offer for LINN Energy Units and Commences Subsequent Offering Period

HOUSTON, April 26, 2016 (GLOBE NEWSWIRE) -- LinnCo, LLC (LNCO) (“LinnCo”) today announced that it has successfully completed its offer to exchange each outstanding unit of LINN Energy, LLC (LINE) (“LINN”) for one LinnCo share (the “Exchange Offer”) upon the terms and conditions of the Prospectus/Offer to Exchange dated April 26, 2016 (the “Prospectus”) and the accompanying Amended and Restated Letter of Transmittal (the “Letter of Transmittal”).

The Exchange Offer expired at 12:00 midnight (New York City time) on Monday, April 25, 2016. American Stock Transfer & Trust Company (“AST”), the exchange agent for the Exchange Offer, has advised LinnCo that a total of approximately 103,961,939 LINN units, representing approximately 29% of the aggregate number of outstanding LINN units, were validly tendered and not withdrawn in the Exchange Offer. Accordingly, all LINN units that were validly tendered and not withdrawn have been accepted, and LinnCo is promptly issuing new LinnCo shares for all such tendered LINN units in accordance with the terms of the Exchange Offer.

To allow remaining LINN unitholders the opportunity to tender their LINN units, LinnCo also announced the commencement of a subsequent offering period beginning today, April 26, 2016. The subsequent offering period will expire at 12:00 midnight (New York City time) on May 23, 2016, unless extended. LINN unitholders who validly tender their LINN units during the subsequent offering period will receive the same exchange ratio provided in the Exchange Offer. Procedures for tendering LINN units during the subsequent offering period are the same as during the initial offering period, except that pursuant to Rule 14d-7(a)(2) under the Securities Exchange Act of 1934, as amended, LINN units validly tendered during the subsequent offering period will be accepted on a daily, "as tendered" basis and, accordingly, may not be withdrawn.

The purpose of the Exchange Offer is to permit holders of LINN units to maintain their economic interest in LINN through LinnCo, an entity that is taxed as a corporation rather than a partnership, which may allow LINN unitholders to avoid future allocations of taxable income and loss, including cancellation of debt income (“CODI”), that could result from future debt restructurings or other strategic transactions by LINN. In general, if CODI arises in any particular month, that CODI will be allocated to LINN unitholders who held LINN units as of the first day of that month.

As previously announced, on April 4, 2016, LINN and...


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