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

http://concordiamissions.org/news.php?id=18
The two companies LLC, on April 1 . Atlas Energyh Resources LLC (NYSE:ATN), an affiliatr of Atlas Pipeline will be the anchor tenant onLaurel Mountain’sw system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners (NYSE:APL) will receive $90 millionj in cash, a preferred righft to proceeds undera $25.5 milliohn obligation from Williams, and 49 percenrt of Laurel Mountain. The obligatiojn amortizes in equal principal installments overthrewe years.
Atlas Pipeline Partners can convert its right to receiver accrued principal and interest under the obligationb into a sum equal to the accrued principal and interest and use that to cover its required capital expenditures underthe joint-venture agreement. Atlazs Pipeline Partners also said its lenderas recently agreed to relax the covenants relatingt to total debt and earningsbefore interest, depreciation and amortization on its $380 million revolving credift line and $463 million term loan Additionally, , which owns the generaol partner of Atlas Pipeliner Partners, said Monday it has repaixd $30 million on its creditg facility and will pay down the remaining $16 million balance in equal quarterly installments over the next year.
Atlas Pipeline Holdings (NYSE:AHD) got the $30 millio n it used to pay down the facilitu byissuing $15 million of preferred limitexd partner units to Atlas Pipeline Partners and by borrowinhg $15 million from Atlas America Inc., whicbh owns Atlas Pipeline Holdings’ general partnert and 64 percent of its commonb units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlas Pipelinre Holdings will repay theremaining $16 million on its credif facility. The Atlas companies have offices in Philadelphiaand Moon, Pa.