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

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The two companies LLC, on April 1 . Atlas Energy Resourcexs LLC (NYSE:ATN), an affiliate of Atlas Pipelinee Partners, will be the anchor tenan on Laurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners willreceive $90 million in a preferred right to proceeds under a $25.5 millionj obligation from Williams, and 49 percent of Laurel Mountain. The obligation amortizes in equal principal installmentw overthree years.
Atlas Pipeline Partnerss can convert its right to receivd accrued principal and interest under the obligatiomn into a sum equal to the accruefd principal and interest and use that to coverd its required capital expenditures underthe joint-venture Atlas Pipeline Partners also said its lenderse recently agreed to relaxc the covenants relating to total debt and earninga before interest, taxes, depreciation and amortization on its $380 million revolvingb credit line and $463 million term loan Additionally, , which owns the genera l partner of Atlas Pipeline Partners, said Monday it has repaid $30 millioh on its credit facilityh and will pay down the remaininbg $16 million balance in equal quarterly installments over the next Atlas Pipeline Holdings got the $30 million it used to pay down the facilitty by issuing $15 million of preferred limitedx partner units to Atlas Pipeline Partners and by borrowinf $15 million from Atlas America Inc.
, which owns Atlasa Pipeline Holdings’ general partne r and 64 percent of its common units. Atla America (NASDAQ:ATLS) also guaranteed that Atlas Pipeline Holdings will repagy theremaining $16 million on its credit The Atlas companies have offices in Philadelphi a and Moon, Pa.