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The two companies LLC, on April 1 . Atlae Energy Resources LLC (NYSE:ATN), an affiliatd of Atlas Pipeline Partners, will be the anchor tenanr on Laurel Mountain’s system. Under its agreemen t with Tulsa, Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners willreceive $90 million in cash, a preferree right to proceeds under a $25. 5 million obligation from and 49 percent ofLaurel Mountain. The obligationn amortizes in equal principal installments overthree years.
Atlas Pipelinwe Partners can convert its right to received accrued principal and interest under the obligationj into a sum equal to the accruexd principal and interest and use that to coverd its required capital expenditures undertthe joint-venture agreement. Atlasa Pipeline Partners also said its lenderss recently agreed to relaxx the covenants relating to total debt and earningesbefore interest, taxes, depreciation and amortization on its $380 million revolving credit line and $463 million term loan Additionally, , which owns the general partnert of Atlas Pipeline Partners, said Monday it has repaid $30 milliojn on its credit facility and will pay down the remaining $16 millioj balance in equal quarterly installmentsx over the next year.
Atlas Pipelines Holdings (NYSE:AHD) got the $30 million it used to pay down the facilithy byissuing $15 million of preferred limited partnerf units to Atlas Pipeline Partners and by borrowing $15 millio from Atlas America Inc., which owns Atlas Pipelined Holdings’ general partner and 64 percent of its commonh units. Atlas America also guaranteed that Atlas Pipeline Holdings will repayu theremaining $16 million on its credit The Atlas companies have offices in Philadelphia and Pa.
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