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10/15/13 - €29.33
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atlas pipeline partners lp (AT3) Details

Atlas Pipeline Partners, L.P. operates in the gathering and processing segments of the midstream natural gas industry. It operates through two segments, Gathering and Processing; and Transportation, Treating, and Other. The company provides natural gas gathering, processing, and treating services primarily in the Anadarko, Arkoma, and Permian basins located in the southwestern and mid-continent regions of the United States and in the Eagle Ford Shale play in south Texas; natural gas gathering services in the Appalachian basin in the northeastern region of the United States; and natural gas liquid transportation services in the southwestern region of the United States. It has interests in and operates 14 natural gas processing plants with aggregate capacity of approximately 1,500 million cubic feet per day located in Oklahoma and Texas; a gas treating facility in Oklahoma; and approximately 11,200 miles of active natural gas gathering systems in Oklahoma, Kansas, Tennessee, and Texas. The company’s transportation and treating operations consist of 17 gas treating facilities that provide contract treating services to natural gas producers in Arkansas, Louisiana, Oklahoma, and Texas. Atlas Pipeline Partners, L.P. was founded in 1999 and is based in Pittsburgh, Pennsylvania.

atlas pipeline partners lp (AT3) Top Compensated Officers

Chief Executive Officer of Atlas Pipeline Par...
Total Annual Compensation: $500.0K
President of Atlas Pipeline Partners GP LLC a...
Total Annual Compensation: $374.0K
Chief Financial Officer of Atlas Pipeline Par...
Total Annual Compensation: $309.1K
Executive Vice Chairman of The Managing Board...
Total Annual Compensation: $245.0K
Compensation as of Fiscal Year 2013.

atlas pipeline partners lp (AT3) Key Developments

Atlas Pipeline Partners, L.P. Announces Class E Preferred Unit Distribution, Payable on October 15, 2014

Atlas Pipeline Partners, L.P. announced the board of directors of APL has approved the quarterly distribution for the Class E Cumulative Redeemable Perpetual Preferred units. The partnership has declared a cash distribution of $0.515625 per unit, payable on October 15, 2014 to holders of record as of October 1, 2014. The distribution represents payment for the period from July 15, 2014 through October 14, 2014.

Atlas Pipeline Partners, L.P. Announces New Edward Processing Plant in the Permian Basin

Atlas Pipeline Partners, L.P. announced that the Partnership has successfully brought into service its previously announced 200 million cubic feet per day (MMCFD) Edward processing plant in the Permian Basin. The addition of the Edward facility increases the name-plate processing capacity on APL's WestTX system from 455 MMCFD to 655 MMCFD, an increase of approximately 44%. The incremental capacity, located in Upton county near the Benedum plant, is fully integrated into the WestTX system and can process producer volumes from anywhere across APL's best-in-class footprint. Due to the continuing high level of dedicated producer activity across the Partnership's WestTX system, the initial utilization of the Edward processing plant's 200 MMCFD of processing capacity has exceeded APL's preliminary expectations. The WestTX system is currently processing in excess of 515 MMCFD, approximately 79% of the new system-wide capacity of 655 MMCFD. The Partnership anticipates volumes to increase throughout the remainder of 2014 and into the first half of 2015, and is expecting the system to be fully utilized by mid-2015. Management expects the next processing expansion, the previously announced Buffalo plant, to be in service in mid-2015. The addition of the Buffalo plant would add a further 200 MMCFD of processing capacity and would bring the WestTX system to 855 MMCFD of total name-plate processing capacity. Expected costs for both the Edward and Buffalo plant are anticipated to be $100-120 million (net) for each facility, not including field compression, gathering pipeline, and well connection costs. The Partnership continues to anticipate adding an incremental 200 MMCFD processing plant in each of the next five years.

Atlas Pipeline Partners, L.P. Amends $800 Million Revolving Credit Facility

Atlas Pipeline Partners, L.P. announced that the Partnership has successfully amended its revolving credit facility, significantly increasing the Partnership's borrowing capacity, extending the term of the facility, and lowering borrowing costs. The new five year facility matures on August 28, 2019, has an initial borrowing capacity of $800 million, and contains an accordion feature of up to an additional $250 million, which, if exercised, will increase the Partnership's total available borrowing capacity to $1.05 billion. This facility represents an increase of $250 million in total potential borrowing capacity over the Partnership's previous revolving credit facility, which had approximately $100 million outstanding as of June 30, 2014. The amended facility reduces borrowing costs and commitment fees for the Partnership and incorporates positive adjustments to the pricing grid, which will continue to be based on the ratio of the Partnership's Consolidated Funded Debt to Consolidated EBITDA ("Consolidated Funded Debt Ratio"). Additional improvements to the covenant package, including an increase in the maximum permitted Consolidated Funded Debt Ratio to 5.25x, will enhance the Partnership's ability to finance its organic growth opportunities. Atlas Pipeline is also welcoming four new financial institutions to the facility - Royal Bank of Canada, Barclays Bank plc, The Royal Bank of Scotland plc, and PNC Bank, National Association. The addition of these participants brings the total number of banks in the facility to 22 institutions. Wells Fargo acted as sole lead arranger and continues to serve as the administrative agent for the facility. Paul Hastings LLP acted as legal counsel to the Partnership.


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