Atlas Pipeline tenders, seeks consents for $365.82 million 8¾% notes

By Susanna Moon

Chicago, Jan. 28 - Atlas Pipeline Partners, LP said it began a cash tender offer and consent solicitation for its outstanding $365,822,000 principal amount 8¾% senior notes due 2018.

Holders who tender their notes by the consent deadline at 5 p.m. ET on Feb. 8 will receive $1,071.68 for each $1,000 principal amount of notes, including a consent payment of $30.00 per $1,000 principal amount.

Those who tender after the consent deadline will receive $1,041.68 per $1,000 principal amount.

The tender offer will end at 11:59 p.m. ET on Feb. 25.

The company also will pay accrued interest up to but excluding the settlement date, which is expected to be Feb. 11 for early tendered notes and Feb. 26 for notes tendered after the early deadline.

The proposed amendments would eliminate substantially all of the restrictive covenants and certain event of default provisions in the note indenture, according to a company press release.

The consent solicitation will end on Feb. 8. Until then, holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

The tender offer is conditioned on the company receiving consents from holders of a majority of the outstanding notes and execution of a supplemental indenture amending the notes, as well as obtaining financing.

Global Bondholder Services Corp. (866 736-2200 or, for banks and brokers, 212 430-3774) is the depositary and information agent. Bank of America Merrill Lynch (888 292-0070 and collect 980 387-3907) is the dealer manager and solicitation agent.

The Moon Township, Pa.-based company is a midstream energy services provider.

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