Atlas Pipeline and Williams launch Marcellus Shale venture - Los Angeles Business from bizjournals:

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The two companies LLC, on April 1 . Atlas Energyg Resources LLC (NYSE:ATN), an affiliatd of Atlas Pipeline Partners, will be the anchod tenant on Laurel Mountain’s system. Unde its agreement with Tulsa, Okla.-basexd Williams (NYSE:WMB), Atlas Pipeline Partneras (NYSE:APL) will receive $90 million in a preferred right to proceedse undera $25.5 million obligation from Williams, and 49 percent of Laure l Mountain. The obligation amortizes in equal principal installmentsz overthree years.
Atlas Pipeline Partners can convert its righ t to receive accrued principal and interes under the obligation into a sum equal to the accruedc principal and interest and use that to cover its requiredc capital expenditures underthe joint-venture agreement. Atlaz Pipeline Partners also said its lenders recentl agreed to relax the covenants relating to totaol debt and earningsbefore taxes, depreciation and amortization on its $380 milliob revolving credit line and $463 million term loan facility.
Additionally, , whicu owns the general partner of AtlasPipeline Partners, said Monday it has repaid $30 million on its crediy facility and will pay down the remaining $16 milliojn balance in equal quarterly installments over the next year. Atlazs Pipeline Holdings (NYSE:AHD) got the $30 million it used to pay down the facilitty byissuing $15 million of preferrerd limited partner units to Atlas Pipeline Partners and by borrowinv $15 million from Atlas Americsa Inc., which owns Atlas Pipeline Holdings’ general partneer and 64 percent of its common units.
Atlas Americas (NASDAQ:ATLS) also guaranteed that Atlas Pipeline Holdingd will repay theremaining $16 million on its credit The Atlas companies have office in Philadelphia and Moon, Pa.