Atlas Resource to get $100 million second-lien loan with DTE Gas buy

By Sara Rosenberg

New York, Nov. 20 - Atlas Resource Partners LP plans on getting a new $100 million secured second-lien term loan to help fund its purchase of DTE Gas Resources LLC, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Also, the company will be increasing the borrowing base under its senior secured revolver to $410 million from $310 million with the acquisition.

Wells Fargo Securities and Citigroup Global Market Inc. are the lead arrangers on the deal.

Under the agreement DTE Gas is being purchased from DTE Energy Co. for about $255 million.

Closing is expected in December, subject to customary conditions.

Atlas Resource is a Pittsburgh-based exploration and production master limited partnership. The company owns an interest in natural gas and oil wells.

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