Atlas Energy launches $240 million term B at Libor plus 600-625 bps

By Sara Rosenberg

New York, July 11 - Atlas Energy LP launched on Thursday its $240 million six-year term loan B (B3) with price talk of Libor plus 600 basis points to 625 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has hard call protection of 102 in year one and 101 in year two, the source said.

Commitments are due on July 22.

Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

Proceeds will be used to help fund the $800 million acquisition of natural gas proved reserves in the Raton, N.M., Black Warrior, Ala., and Arkoma Basin, Okla., basins from EP Energy E&P Co. LP.

Closing is expected in the third quarter, subject to purchase price adjustments.

Atlas Energy is a Pittsburgh-based master limited partnership that owns an interest in producing natural gas and oil wells.

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