Atlas Energy's $125 million revolver priced at Libor plus 200-325 bps

By Angela McDaniels

Tacoma, Wash., March 25 - Atlas Energy, LP released more details about the five-year senior secured revolving credit facility it announced on Wednesday.

The interest rate is Libor plus 200 basis points to 325 bps based on utilization. The commitment fee is 50 bps.

The borrowing base is initially $125 million. It will be redetermined semiannually beginning May 1. The maximum lender commitments are $300 million.

Under the credit agreement, the company is required to maintain a total funded debt-to-EBITDA ratio of no more than 3.75 to 1.

Wells Fargo Securities, LLC and Citibank, NA were the joint lead arrangers. Wells Fargo Bank, NA is the administrative agent for the facility, which closed March 22.

As previously reported, the facility replaces a $70 million revolving credit facility.

Proceeds will be used for investment and working capital purposes.

Atlas Energy, formerly Atlas Pipeline Holdings, LP, is a master limited partnership that owns and operates the general partner of Atlas Pipeline Partners, LP. The company is based in Philadelphia.

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