Atlas Pipeline Partners ends Q4 with increased debt of $1.71 billion

By Lisa Kerner

Charlotte, N.C., Feb. 18 - Atlas Pipeline Partners, LP ended its fourth quarter on Dec. 31 with total liquidity of about $453 million. Total debt was about $1.71 billion, an increase of about $527 million from a year ago.

Total leverage was 4.9 times at year-end, and debt to total capital was 39%, according to chief financial officer Robert Karlovich III during the company's earnings conference call on Tuesday.

The partnership had about $448 million available under its revolving credit facility at the beginning of the current year and will continue to fund all of its growth capital with an adequate mix of debt and equity, said Karlovich.

Adjusted EBITDA was about $87 million for the quarter, a 38.3% increase from the same period last year.

Fourth-quarter distributable cash flow was $51.7 million for the fourth quarter of 2013, or $0.65 per average common limited partner unit, compared to $40.4 million for the prior year's fourth quarter.

The partnership reported a net loss of $48.7 million for the fourth quarter of 2013, compared with a net loss of $6.9 million for the prior year's fourth quarter.

Looking ahead, the partnership is forecasting adjusted EBITDA for 2014 of between $400 million and $425 million.

Based in Moon Township, Pa., Atlas Pipeline Partners is a midstream energy services provider.

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