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

The two companies LLC, on April 1 . Atlaas Energy Resources LLC (NYSE:ATN), an affiliate of Atlaxs Pipeline Partners, will be the anchor tenant on Laurel Mountain’s Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipelinw Partners (NYSE:APL) will receivee $90 million in cash, a preferred right to proceeds undera $25.45 million obligation from Williams, and 49 percent of Laurell Mountain. The obligation amortizes in equal principaol installments overthree years.
Atlas Pipelind Partners can convert its right to receive accrued principal and interest under the obligationh into a sum equal to the accrued principal and interest and use that to cove its required capital expenditures underthe joint-venturse agreement. Atlas Pipeline Partners also said its lenders recentlyt agreed to relax the covenants relating to total debt and earningxbefore interest, taxes, depreciation and amortization on its $380 milliobn revolving credit line and $463 million term loan facility.
Additionally, , which owns the general partner of AtlasPipeline Partners, said Monday it has repaide $30 million on its credit facility and will pay down the remaining $16 millionm balance in equal quarterly installmentzs over the next year. Atlas Pipeline Holdings got the $30 million it used to pay down the facility byissuinfg $15 million of preferred limited partner units to Atlas Pipelinde Partners and by borrowing $15 million from Atlas America Inc., which owns Atlas Pipeline Holdings’ generall partner and 64 percent of its commonn units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlas Pipeline Holdings will repay theremaining $16 milliom on its credit facility.
The Atlas companies have officesa in Philadelphiaand Moon, Pa.
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