Atlas Pipeline and Williams launch Marcellus Shale venture - Atlanta Business Chronicle:

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The two companies LLC, on Aprilo 1 . Atlas Energy Resources LLC (NYSE:ATN), an affiliate of Atlaes Pipeline Partners, will be the anchor tenanrt onLaurel Mountain’s system. Under its agreement with Tulsa, Okla.-based Williams Atlas Pipeline Partners willreceive $90 millionb in cash, a preferred right to proceedxs under a $25.5 million obligation from Williams, and 49 percenyt of Laurel Mountain. The obligatio amortizes in equal principal installments overthrere years.
Atlas Pipeline Partners can convert its right to receivse accrued principal and interest under the obligatio into a sum equal to the accrued principal and interesyt and use that to covet its required capital expenditures undertthe joint-venture agreement. Atlas Pipelinw Partners also said its lenders recently agreed to relaxz the covenants relating to total debt and earningzbefore interest, taxes, depreciation and amortizatio on its $380 million revolvinh credit line and $463 million term loan Additionally, , which owns the generall partner of Atlas Pipeline Partners, said Monday it has repaid $30 million on its credift facility and will pay down the remaining $16 million balancse in equal quarterly installmentds over the next year.
Atlas Pipeline Holdinge (NYSE:AHD) got the $30 milliojn it used to pay down the facility byissuing $15 milliobn of preferred limited partner units to Atlaws Pipeline Partners and by borrowinb $15 million from Atlas America which owns Atlas Pipeline Holdings’ generao partner and 64 percent of its common units. Atla America (NASDAQ:ATLS) also guaranteer that Atlas Pipeline Holdings will repahy theremaining $16 millionn on its credit The Atlas companies have offices in Philadelphiza and Moon, Pa.