Atlas Pipeline greenshoe lifts 8.25% preferred units to $126.5 million

By Toni Weeks

San Luis Obispo, Calif., March 24 - Underwriters for Atlas Pipeline Partners LP's offering of 8.25% class E cumulative redeemable perpetual preferred units fully exercised their over-allotment option Friday for an additional 660,000 preferred units, bringing the total deal size to $126.5 million, according to a press release on Monday.

The company priced 4.4 million of the units at $25 each with the $16.5 million greenshoe on March 12.

Morgan Stanley & Co. LLC and UBS Securities LLC were the joint bookrunners.

Proceeds will be used to reduce borrowings under a revolving credit facility and for general corporate purposes.

The preferred units began trading on the New York Stock Exchange under the symbol "APL PRE" on Monday, the release said.

Atlas Pipeline is a Tulsa, Okla.-based provider of natural gas gathering, processing and treating services.

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