On March 21, Atlas Pipeline Partners LP (NYSE: APL) closed an underwritten offering of an additional 660,000 class E cumulative redeemable perpetual preferred units at 8.25%, the company said March 24.
The additional class E units were offered after an underwriters’ option to purchase them was exercised, the company said.
Additional net proceeds of about $16 million were received from the over-allotment exercise, Atlas Pipeline said, noting that this brought total proceeds to about $122.2 million.
Proceeds will repay part of the revolving credit facility debt, the company said.
Morgan Stanley & Co. LLC and UBS Securities LLC were joint book-running managers, the company said, adding that Stifel, Nicolaus & Co. Inc. was joint lead manager and that MLV & Co. LLC was a co-manager.
The class E preferred units began trading on the New York Stock Exchange on March 24 under the symbol “APLPrE,” Atlas Pipeline noted.
Pittsburgh, Pa.-based Atlas Pipeline Partners LP gathers and processes natural gas in Kansas, Oklahoma, Tennessee and Texas. It is a subsidiary of Atlas Energy LP.
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