Atlas Resource Partners offers $50 million cumulative redeemable preferred units at 8.625% area

By Stephanie N. Rotondo

Phoenix, Sept. 24 – Atlas Resource Partners LP commenced a $50 million offering of class D cumulative redeemable perpetual preferred units on Wednesday, according to a press release.

Price talk is in the 8.625% area, according to one market source.

Pricing is expected on Thursday.

Morgan Stanley & Co. LLC and UBS Securities LLC are the joint bookrunning managers. Stifel Nicolaus & Co. Inc. and Deutsche Bank Securities Inc. are the joint lead managers.

Co-managers are Janney Montgomery Scott LLC, MLV & Co. LLC and Sterne Agee & Leach Inc.

Distributions will be made quarterly. The units become redeemable in 2019 or upon a change of control.

The company intends to list the units on the New York Stock Exchange under the ticker symbol “ARPPD.”

The Pittsburgh-based oil and gas exploration master limited partnership intends to use proceeds to fund a portion of its previously announced acquisition of oil producing assets in the Eagle Ford Shale in south Texas.

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