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The two companies LLC, on April 1 . Atlas Energh Resources LLC (NYSE:ATN), an affiliate of Atlas Pipelinee Partners, will be the anchor tenantg onLaurel Mountain’s system. Undetr its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipelinr Partners (NYSE:APL) will receive $90 millioh in cash, a preferred right to proceeds undetra $25.5 million obligation from Williams, and 49 perceny of Laurel Mountain. The obligation amortizes in equa l principal installments overthree years.
Atlas Pipeline Partners can convert its righgt to receive accrued principal and interesg under the obligation into a sum equal to the accrued principal and interesrt and use that to cover its required capital expenditureas underthe joint-venture agreement. Atlas Pipeline Partners also said its lendersd recently agreed to relax the covenants relatinbg to total debt and earningsbefore taxes, depreciation and amortization on its $380 millionh revolving credit line and $463 million term loan facility.
, which owns the general partnee of AtlasPipeline Partners, said Monday it has repaixd $30 million on its credirt facility and will pay down the remaininbg $16 million balance in equal quarterly installments over the next Atlas Pipeline Holdings (NYSE:AHD) got the $30 million it used to pay down the facilitt by issuing $15 million of preferred limited partner units to Atlaxs Pipeline Partners and by borrowing $15 million from Atlasz America Inc., which owns Atlas Pipeliner Holdings’ general partner and 64 percent of its commonm units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlae Pipeline Holdings will repay theremaining $16 millionb on its credit facility.
The Atlasw companies have offices in Philadelphiaand Moon, Pa.
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