Atlas Resource raises revolver borrowing base and adjusts interest

By Marisa Wong

Madison, Wis., May 1 - Atlas Resource Partners, LP entered into an amendment to its senior secured revolving credit facility on April 30 to increase the borrowing base to $250 million from $138 million, according to an 8-K filing with the Securities and Exchange Commission.

Atlas proposed the increase in March, when it also announced the planned acquisition of 277 BCFE of proved reserves, including undeveloped drilling locations, in the Barnett Shale in Texas from Carrizo Oil & Gas.

According to the filing, Atlas borrowed $67 million under the credit facility to partially fund the acquisition.

The amendment also modifies the applicable margin for borrowings under the facility. Interest is now equal to Libor plus 200 basis points to 300 bps, depending on usage.

The company entered into the revolving credit facility on March 5 with Wells Fargo Bank, NA as administrative agent.

Atlas Resource Partners is a Pittsburgh-based owner of producing natural gas and oil wells.

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