Atlas Pipeline makes preferreds non-convertible, Holdings buys $5 million more

New York, April 3 - Atlas Pipeline Partners, LP said it had agreed with Atlas Pipeline Holdings, LP to make the 12% cumulative convertible class B preferred units of Partners and owned by Holdings non-convertible.

In addition, Holdings exercised its option to buy a further $5 million of the preferred units. The purchase was made as a private placement under Rule 4(2).

Partners originally sold $10 million of the preferred units to Holdings on Dec. 30, 2008.

They were convertible at the lesser of $7.50 and 95% of the average closing price of the common units for the 10 consecutive trading days immediately preceding the conversion election date

Atlas is a Moon Township, Pa., midstream energy services provider engaged in the transmission, gathering and processing of natural gas.

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