Atlas America gets $200 million revolver

By Sara Rosenberg

New York, May 3 - Atlas America Inc. closed on a new $200 million revolving credit facility due April 2010, according to an 8-K filed with the Securities and Exchange Commission.

Borrowings can carry an interest rate ranging from Libor plus 100 to 175 basis points, based on use.

There is a $50 million sublimit for letters of credit.

Availability under the facility is based on the value of the company's oil and gas assets and is initially set at $130 million.

Wachovia Bank acted as the lead bank on the deal that was completed on April 27.

Atlas America is a Moon Township, Pa.-based developer, producer and transporter of natural gas and oil.

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