Atlas Pipeline and Williams launch Marcellus Shale venture - Business Courier of Cincinnati:

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The two companies LLC, on April 1 . Atlas Energy Resources LLC an affiliate of AtlasPipeline Partners, will be the anchodr tenant on Laurel Mountain’s system. Under its agreemeng with Tulsa, Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners (NYSE:APL) will receivwe $90 million in cash, a preferred righy to proceeds undera $25.5 millio n obligation from Williams, and 49 percent of Laurel Mountain. The obligatiom amortizes in equal principal installments overthree years.
Atlas Pipelinee Partners can convert its righty to receive accrued principal and interest under the obligation into a sum equa to the accrued principal and interesf and use that to cover its requiref capital expenditures underthe joint-venture agreement. Atlas Pipeline Partners also said its lenderse recently agreed to relax the covenants relating to totak debt and earningsbefore interest, depreciation and amortization on its $380 milliohn revolving credit line and $463 million term loan Additionally, , which owns the general partner of Atla s Pipeline Partners, said Monday it has repaid $30 million on its credigt facility and will pay down the remaininhg $16 million balance in equal quarterly installments over the next Atlas Pipeline Holdings (NYSE:AHD) got the $30 millio it used to pay down the facilithy by issuing $15 million of preferred limitexd partner units to Atlas Pipeline Partnerw and by borrowing $15 million from Atlas America Inc.
, which owns Atlas Pipeline general partner and 64 percent of its commom units. Atlas America (NASDAQ:ATLS) also guaranteed that Atlaes Pipeline Holdings will repay theremaining $16 millionj on its credit facility. The Atlas companies have officesz in Philadelphiaand Moon, Pa.