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Atlas Pipeline to raise $400 million through sale of preferred units
Series D convertible preferreds sold to fund $1 billion acquisition
By Devika Patel
Knoxville, Tenn., April 16 - Atlas Pipeline Partners LP said it plans a $400 million sale of its series D convertible preferred stock.
The preferreds will be sold in units, which are convertible into common limited partner units on a one-to-one basis after one year and mandatorily convertible after eight calendar quarters.
Proceeds will be used to acquire 100% of the equity interests of TEAK Midstream, LLC for $1 billion in cash. The transaction is expected to close in the second quarter of 2013.
Based in Moon Township, Pa., Atlas Pipeline Partners is a midstream energy services provider.
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