Atlas Resource Partners LP (NYSE: ARP) has priced its private offering of $275 million aggregate principal amount of 7 ¾% senior notes due 2021 issued at par.

Net proceeds will be used to repay all borrowings under its term loan credit facility and a portion of the borrowings under its revolving credit facility. The offering is expected to close on Jan. 23, subject to the satisfaction of customary closing conditions.

Philadelphia-based Atlas Resource Partners LP is an E&P master limited partnership which owns an interest in over 10,100 producing natural gas and oil wells, primarily in Appalachia and the Barnett shale in Texas.