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Atlas Resource further extends consent solicitation for 7¾% notes
By Marisa Wong
Morgantown, W.Va., Dec. 23 – Atlas Resource Partners, LP said it further extended the consent solicitation for $375 million of 7¾% senior notes due 2021 issued by Atlas Resource Partners Holdings, LLC and Atlas Resource Finance Corp.
The consent solicitation will now end at 5 p.m. ET on Dec. 29, in order to allow for the Christmas holiday.
On Tuesday the company extended the deadline to 5 p.m. ET on Dec. 23 from 5 p.m. ET on Dec. 21. The solicitation was originally set to end Dec. 17.
As of 5 p.m. ET on Dec. 22, Atlas had received consents from holders of about 46% of the outstanding 7¾% notes, including those from five of the six largest institutional holders, according to a company press release.
The tally remains unchanged since the initial deadline.
As previously reported, the issuers are seeking consents to increase the fixed dollar amount of secured debt allowed to be incurred under the indentures governing the notes to $1.05 billion, the amount of secured debt currently permitted under the indentures.
The consent fee is $10 for each $1,000 principal amount of notes.
Atlas also sought to amend the issuers’ $375 million of 9¼% senior notes due 2021 and secured the needed consents by the end of the solicitation at 5 p.m. ET on Dec. 17. The consent solicitation was announced Dec. 10.
To pass, each consent solicitation requires consents from holders of a majority of the notes. The record date is Dec. 9.
The consent solicitations are independent of each other.
The solicitation agent is Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760). The information agent and tabulation agent is D.F. King & Co., Inc. (800 814-9324 or 212 269-5550).
Atlas Resource Partners is an exploration and production master limited partnership based in Fort Worth.
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