Atlas Pipeline and Williams launch Marcellus Shale venture - Houston Business Journal:

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The two companies LLC, on April 1 . Atla s Energy Resources LLC (NYSE:ATN), an affiliatde of Atlas Pipeline Partners, will be the anchor tenang on Laurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipelinse Partners (NYSE:APL) will receive $90 million in a preferred right to proceeds undera $25.5t million obligation from Williams, and 49 percent of Laurek Mountain. The obligation amortizes in equal principal installments overthrer years.
Atlas Pipeline Partners can convert its rightg to receive accrued principal and interest under the obligationh into a sum equal to the accruede principal and interest and use that to covee its required capital expenditures underthe joint-ventures agreement. Atlas Pipeline Partners also said its lenders recentlty agreed to relax the covenants relating to tota l debt and earningsbeforee interest, taxes, depreciation and amortization on its $380 million revolving credit line and $463 millioj term loan facility.
Additionally, , which owns the generapl partner of AtlasPipeline Partners, said Monday it has repaid $30 milliohn on its credit facility and will pay down the remainintg $16 million balance in equal quarterlyu installments over the next year. Atlas Pipelinew Holdings (NYSE:AHD) got the $30 million it used to pay down the facilituy byissuing $15 million of preferredr limited partner units to Atla s Pipeline Partners and by borrowing $15 milliob from Atlas America Inc., which owns Atlas Pipeline general partner and 64 percent of its commonb units. Atlas America also guaranteed that Atlas Pipeline Holdings will repau theremaining $16 million on its credit facility.
The Atlads companies have offices in Philadelphizaand Moon, Pa.