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ARP > SEC Filings for ARP > Form 8-K on 2-Jul-2014All Recent SEC Filings

Show all filings for ATLAS RESOURCE PARTNERS, L.P.

Form 8-K for ATLAS RESOURCE PARTNERS, L.P.


2-Jul-2014

Entry into a Material Definitive Agreement, Completion of Acquisiti


Item 1.01. Entry into a Material Definitive Agreement.

On June 30, 2014, Atlas Resource Partners, L.P. (the "Partnership") entered into a Third Amendment to the Second Amended and Restated Credit Agreement (the "Third Amendment") with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, which amendment amends the Second Amended and Restated Credit Agreement (the "Credit Agreement") dated July 31, 2013 among the Partnership as borrowers, the administrative agent and the lenders party thereto.

The Third Amendment was entered into in connection with the acquisition by ARP Rangely Production, LLC, an indirect wholly-owned subsidiary of the Partnership ("ARP Rangely"), of certain oil and gas related interests pursuant to a Purchase and Sale Agreement with Merit Management Partners I, L.P., Merit Energy Partners III, L.P., and Merit Energy Company, LLC (together the "Seller") dated as of May 6, 2014. Among other things, the Third Amendment (capitalized terms not otherwise defined herein are set forth in the Third Amendment or the Credit Agreement):

increases the Borrowing Base to $825,000,000;

if Borrowing Base Utilization is less than 25%, the Partnership incurs the applicable margin on Eurodollar loans of 1.50%, the applicable margin on alternative base rate loans of 0.50% and commitment fee rate of 0.375%; and

revises the maximum ratio of Total Funded Debt to EBITDA to be
(i) 4.50 to 1.0 as of the last day of the quarters ending on June 30, 2014, September 30, 2014 and December 31, 2014, (ii) 4.25 to 1.0 as of the last day of the quarter ending on March 31, 2015 and (iii) 4.00 to 1.0 as of the last day of each quarter thereafter.

This summary of the Third Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Third Amendment filed as Exhibit 10.1, which is incorporated herein by this reference.



Item 2.01. Completion of Acquisition or Disposition of Assets.

On June 30, 2014, the Partnership and ARP Rangely completed their previously announced acquisition of the Seller's approximate 25% non-operating net working interest in Rangely Field assets in northwest Colorado for $420 million in cash.

The purchase and sale agreement was filed as Exhibit 2.1 to the Partnership's Current Report on Form 8-K filed on May 7, 2014.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference.



Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Historical financial statements for the business acquired, as described in Item 2.01, above, are not included in this Current Report on Form 8-K. This information will be filed in a subsequent amendment to this Current Report as required by Securities and Exchange Commission regulations.



(b) Pro Forma Financial Information.

Pro forma financial information relating to the acquisition described in Item 2.01, above, is not included in this Current Report on Form 8-K. This information will be filed in a subsequent amendment to this Current Report as required by Securities and Exchange Commission regulations.

(d) Exhibits

10.1 Third Amendment dated as of June 30, 2014 to Second Amended and Restated Credit Agreement.


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