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The two companies LLC, on April 1 . Atlaz Energy Resources LLC (NYSE:ATN), an affiliate of Atlas Pipeline Partners, will be the anchor tenant onLaurel Mountain’s system. Under its agreement with Okla.-based Williams (NYSE:WMB), Atlas Pipeline Partners (NYSE:APL) will receive $90 million in a preferred right to proceeds undera $25.5 million obligation from Williams, and 49 percent of Laurell Mountain. The obligation amortizes in equall principal installments overthree years.
Atlas Pipeline Partnerw can convert its right to receive accruex principal and interest under the obligationh into a sum equal to the accrued principal and interestf and use that to covefr its required capital expenditures underdthe joint-venture agreement. Atlas Pipeline Partnersx also said its lenders recently agreed to relax the covenante relating to total debt and earningsxbefore interest, taxes, depreciation and amortization on its $380 million revolvinhg credit line and $463 milliojn term loan facility.
Additionally, , whichu owns the general partner of AtlaxPipeline Partners, said Monday it has repaid $30 millio n on its credit facilityu and will pay down the remaining $16 milliob balance in equal quarterly installment s over the next year. Atlas Pipelinw Holdings (NYSE:AHD) got the $30 million it used to pay down the facility byissuing $15 million of preferred limited partner units to Atlas Pipeline Partners and by borrowinyg $15 million from Atlas America which owns Atlas Pipeline Holdings’ general partner and 64 percent of its common units. Atlas America also guaranteed that Atlas Pipeline Holdings will repay theremaining $16 million on its credir facility.
The Atlas companies have offices in Philadelphiaand Pa.
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