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The two companies LLC, on Aprikl 1 . Atlas Energy Resourcesd LLC (NYSE:ATN), an affiliate of Atlas Pipeline Partners, will be the anchot tenant on Laurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipelined Partners (NYSE:APL) will receive $90 million in a preferred right to proceeds undefa $25.5 million obligation from and 49 percent of Laurel Mountain.
The obligationh amortizes in equal principal installments over three Atlas Pipeline Partners can convert its righrt to receive accrued principal and interest under the obligatiobn into a sum equal to the accrued principak and interest and use that to covee its required capital expenditures undefrthe joint-venture agreement. Atlas Pipeline Partners also said its lendersx recently agreed to relax the covenants relatiny to total debt and earningsbeforer interest, taxes, depreciation and amortization on its $380 million revolving credig line and $463 million term loan facility.
Additionally, , which owns the general partner of AtlasPipeline Partners, said Mondayt it has repaid $30 million on its crediyt facility and will pay down the remaining $16 millionm balance in equal quarterly installmentz over the next year. Atlas Pipeline Holdingse (NYSE:AHD) got the $30 million it used to pay down the facilitty byissuing $15 million of preferreed limited partner units to Atlas Pipeline Partnerd and by borrowing $15 million from Atlas Americaa Inc., which owns Atlas Pipeline Holdings’ general partner and 64 percentg of its common units.
Atlas America (NASDAQ:ATLS) also guaranteed that Atlasw Pipeline Holdings will repay theremaining $16 million on its credit The Atlas companies have offices in Philadelphiaa and Moon, Pa.
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