PITTSBURGH (AFX) - Linn Energy LLC on Wednesday said it bought three oil and gas properties and a pipeline for a total of $30 million, and plans to boost its cash distribution as a result.
The company also said its lenders increased its borrowing base under a $400 million secured revolving credit facility to $265 million from $235 million. Linn currently has $193.6 million in debt under the credit line and additional borrowing capacity of $71.4 million.
The three oil and natural gas properties are located in West Virginia and include 207 producing wells. Linn also bought a natural gas pipeline system in western Pennsylvania.
Linn said it expects to increase its cash distribution by 12 cents per unit to an annual rate of $1.72, beginning with the payout in November.
Linn Energy rose 53 cents to finish at $19.70 on the Nasdaq.
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