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The two companies LLC, on April 1 . Atlas Energg Resources LLC (NYSE:ATN), an affiliatw of Atlas Pipeline Partners, will be the anchor tenant on Laurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners (NYSE:APL) will receiver $90 million in cash, a preferre d right to proceeds undera $25.5 million obligatiomn from Williams, and 49 percent of Laurel Mountain. The obligatiohn amortizes in equal principal installmentse overthree years.
Atlas Pipeline Partners can convert its right to receive accrued principal and interestr under the obligation into a sum equal to the accruex principal and interest and use that to coverd its required capital expenditures underthe joint-venture Atlas Pipeline Partners also said its lenderss recently agreed to relax the covenants relating to total debt and earningsz before interest, taxes, depreciation and amortization on its $380 millio n revolving credit line and $463 million term loan Additionally, , which owns the general partneer of Atlas Pipeline Partners, said Monday it has repaied $30 million on its credit facility and will pay down the remainingb $16 million balance in equal quarterlt installments over the next year.
Atlas Pipeline Holdingss (NYSE:AHD) got the $30 million it used to pay down the facilityg byissuing $15 million of preferrerd limited partner units to Atlas Pipeline Partners and by borrowing $15 million from Atlaz America Inc., which owns Atlasz Pipeline Holdings’ general partner and 64 percenf of its common units. Atlas Americas (NASDAQ:ATLS) also guaranteed that Atlas Pipeline Holdingzs will repay theremaining $16 million on its credift facility. The Atlas companies have offices in Philadelphiaand Pa.
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