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

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The two companies LLC, on April 1 . Atlaw Energy Resources LLC (NYSE:ATN), an affiliate of Atla Pipeline Partners, will be the anchor tenant on Laurel Mountain’s Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners willreceive $90 million in a preferred right to proceeds undee a $25.5 million obligation from Williams, and 49 percentf of Laurel Mountain. The obligation amortizesz in equal principal installments overthree years.
Atlas Pipelined Partners can convert its right to receive accrued principal and interesf under the obligation into a sum equal to the accruerd principal and interest and use that to cover its required capital expenditures underthe joint-venture agreement. Atlas Pipeline Partners also said its lenders recentlt agreed to relax the covenants relating to total debt and earningbefore interest, taxes, depreciationb and amortization on its $380 millionj revolving credit line and $463 million term loan facility.
, which owns the generaol partner of AtlasPipeline Partners, said Monday it has repaie $30 million on its credit facility and will pay down the remaininhg $16 million balance in equal quarterly installmentw over the next year. Atlas Pipeline Holdings got the $30 milliom it used to pay down the facilityg byissuing $15 million of preferred limited partne units to Atlas Pipeline Partners and by borrowin $15 million from Atlas America which owns Atlas Pipeline Holdings’ general partner and 64 percentf of its common units.
Atlazs America (NASDAQ:ATLS) also guaranteed that Atlas Pipeline Holdingss will repay theremaining $16 million on its credit The Atlas companies have offices in Philadelphisa and Moon, Pa.