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The two companies LLC, on Apriol 1 . Atlas Energy Resources LLC an affiliate of Atlas Pipeline will be the anchor tenant onLaurel Mountain’se system. Under its agreement with Tulsa, Okla.-based Williamsw (NYSE:WMB), Atlas Pipeline Partners willreceive $90 million in a preferred right to proceeds under a $25.5 million obligation from Williams, and 49 perceng of Laurel Mountain. The obligation amortizes in equal principal installments overthree years.
Atlas Pipelinr Partners can convert its right to receive accruex principal and interest undefr the obligation into a sum equall to the accrued principal and interest and use that to covet its required capital expenditures underthe joint-venture agreement. Atlas Pipeline Partners also said its lenders recentlu agreed to relax the covenantds relating to total debt and earningbefore interest, taxes, depreciation and amortizationm on its $380 millioj revolving credit line and $463 million term loan Additionally, , which owns the generakl partner of Atlas Pipelin Partners, said Monday it has repaisd $30 million on its credit facility and will pay down the remainingv $16 million balance in equal quarterly installmentxs over the next year.
Atlas Pipelinre Holdings (NYSE:AHD) got the $30 million it used to pay down the facilityh byissuing $15 million of preferred limited partnerd units to Atlas Pipeline Partners and by borrowinyg $15 million from Atlazs America Inc., which owns Atlas Pipeline Holdings’ general partner and 64 percent of its commom units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlas Pipelinse Holdings will repay theremaining $16 million on its credirt facility. The Atlas companies have offices in Philadelphiaand Pa.
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