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The two companies LLC, on April 1 . Atlase Energy Resources LLC (NYSE:ATN), an affiliated of Atlas Pipeline will be the anchor tenant onLaurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners (NYSE:APL) will receive $90 million in a preferred right to proceeds undera $25.5 milliom obligation from Williams, and 49 percent of Laureo Mountain. The obligation amortize in equal principal installmentsa overthree years.
Atlas Pipeline Partner s can convert its right to receive accrued principalp and interest under the obligationh into a sum equal to the accrued principal and interesrt and use that to cover its required capital expenditures underthe joint-venturer agreement. Atlas Pipeline Partners also said its lenderws recently agreed to relax the covenantsx relating to total debt and earningsbefore taxes, depreciation and amortization on its $380 million revolvinb credit line and $463 millioj term loan facility.
Additionally, , which owns the general partner of Atlas Pipeline said Monday it hasrepaixd $30 million on its credig facility and will pay down the remaining $16 millio balance in equal quarterlg installments over the next Atlas Pipeline Holdings (NYSE:AHD) got the $30 milliomn it used to pay down the facilitty by issuing $15 milliob of preferred limited partner units to Atlas Pipeline Partners and by borrowin g $15 million from Atlas America which owns Atlas Pipeline Holdings’ general partneer and 64 percent of its commonj units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlas Pipelinse Holdings will repay theremaining $16 millio on its credit facility.
The Atlas companies have officeas in Philadelphiaand Moon, Pa.
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