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

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The two companies LLC, on April 1 . Atlaws Energy Resources LLC (NYSE:ATN), an affiliatr of Atlas Pipeline Partners, will be the anchor tenant on Laure Mountain’s system. Under its agreement with Tulsa, Okla.-base d Williams (NYSE:WMB), Atlas Pipeline Partner (NYSE:APL) will receive $90 million in a preferred right to proceeds undera $25.5 millionn obligation from Williams, and 49 percent of Laurell Mountain. The obligation amortizes in equal principal installmentw overthree years.
Atlas Pipeliner Partners can convert its right to receivde accrued principal and interest under the obligation into a sum equal to the accrued principal and interes t and use that to cover its required capital expenditures underthe joint-venturer agreement. Atlas Pipeline Partner also said its lenders recently agreed to relazx the covenants relating to total debt and earningsbefore interest, depreciation and amortization on its $380 million revolvingy credit line and $463 million term loan Additionally, , which owns the general partner of Atlaws Pipeline Partners, said Monday it has repaid $30 million on its credif facility and will pay down the remaining $16 million balanc e in equal quarterly installmentzs over the next year.
Atlas Pipelinr Holdings (NYSE:AHD) got the $30 millio n it used to pay down the facilit byissuing $15 million of preferred limited partner units to Atlas Pipeline Partners and by borrowing $15 millioh from Atlas America Inc., whicj owns Atlas Pipeline Holdings’ general partnedr and 64 percent of its commobn units. Atlas America (NASDAQ:ATLS) also guarantees that Atlas Pipeline Holdings will repayh theremaining $16 million on its credit The Atlas companies have officez in Philadelphia and Moon, Pa.