Atlas Pipeline Partners, L.P. Enters Into Definitive Agreement To Sell Subsidiaries Holding Interests In West Texas LPG Pipeline For $135 Million
PHILADELPHIA, May 5, 2014 /PRNewswire/ -- Atlas Pipeline Partners, L.P. (NYSE: APL) ("APL," "Atlas Pipeline," or the "Partnership") today announced it has entered into a definitive agreement to sell its subsidiaries that own a 20% stake in West Texas LPG Limited Partnership to a subsidiary of Martin Midstream Partners L.P. (NASDAQ: MMLP) for $135 million in cash, subject to certain closing adjustments. Proceeds from the sale will be used to further reduce the Partnership's outstanding debt. The Partnership expects the transaction to close during the second quarter of 2014, subject to customary closing conditions.
"This transaction will benefit the Partnership as we utilize the proceeds to continue to deleverage the balance sheet and add liquidity to manage the many opportunities in front of the Partnership," commented Eugene Dubay, Chief Executive Officer of the Partnership.
Citigroup Global Markets, Inc. acted as financial advisor and Jones Day acted as legal advisor for this transaction.
Atlas Pipeline Partners, L.P. (NYSE: APL) is active in the gathering and processing segments of the midstream natural gas industry. In Oklahoma, southern Kansas, Texas, and Tennessee, APL owns and operates 15 active gas processing plants, 18 gas treating facilities, as well as approximately 11,200 miles of active intrastate gas gathering pipeline. For more information, contact IR@atlaspipeline.com.
Atlas Energy, L.P. (NYSE: ATLS) is a master limited partnership which owns all of the general partner Class A units and incentive distribution rights and an approximate 37% limited partner interest in its upstream oil & gas subsidiary, Atlas Resource Partners, L.P. Additionally, Atlas Energy owns and operates the general partner of its midstream oil & gas subsidiary, Atlas Pipeline Partners, L.P., through all of the general partner interest, all the incentive distribution rights and an approximate 6% limited partner interest. For more information, contact Investor Relations at InvestorRelations@atlasenergy.com.
Certain matters discussed within this press release are forward-looking statements. Although Atlas Pipeline Partners, L.P. believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Atlas Pipeline does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in commodity prices and local or national economic conditions and other risks detailed from time to time in Atlas Pipeline's reports filed with the SEC, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.
1845 Walnut Street
Philadelphia, PA 19103
(215) 561-5692 (facsimile)
SOURCE Atlas Pipeline Partners, L.P.