Janney Montgomery's Jody Lurie explains Linn Energy's (LINE +2%) plans for an IPO to buy up to $1B in LINE shares: "In some sense the new entity serves as a proxy investment for institutional investors that cannot take advantage of MLP tax treatment." LINE will finance its acquisition of BP's Jonah Field properties with borrowings from its $3B revolver, which Janney expects funds from the IPO to repay.
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