Atlas Pipeline Provides Notice Of Redemption Of 8.25% Class E Cumulative Redeemable Perpetual Preferred Units

PHILADELPHIA, Jan. 27, 2015 /PRNewswire/ -- Atlas Pipeline Partners, L.P. (NYSE: APL) ("Atlas Pipeline" or "APL") announced today that it delivered a notice of APL's intention to redeem all 5,060,000 outstanding shares of its 8.25% Class E Cumulative Redeemable Perpetual Preferred Units (the "Class E preferred units") (NYSE: APL.PRE; CUSIP No.: 049392301) from the registered holder of the Class E preferred units.  The redemption of the Class E preferred units will occur immediately prior to the effective time of the pending merger of APL with a wholly owned subsidiary of Targa Resources Partners LP (NYSE: NGLS) ("TRP"), pursuant to the previously announced merger agreement between APL, TRP and certain of their affiliates.  APL expects the merger to close on February 28, 2015 and, accordingly, for the redemption date to also be February 28, 2015.  The Class E preferred units will be redeemed at a redemption price of $25.00 per unit, plus an amount equal to all accumulated and unpaid distributions on the Class E preferred units as of the redemption date.  On the redemption date, the Class E preferred units will cease to accrue distributions.

Unitholders who hold Class E preferred units through the Depository Trust Company will have their shares redeemed in accordance with the Depository Trust Company's procedures.  On or before the redemption date, TRP will provide to APL or will deposit with APL's paying agent the funds necessary for the redemption of the Class E preferred units for the benefit of the holders thereof.

Upon deposit by TRP or APL of the redemption price in trust for the account of the holders of the Class E preferred units and from and after the redemption date, the Class E preferred units will no longer be deemed to be outstanding and all rights with respect to such units will cease and terminate (including, but not limited to, the right to receive distributions from and after the redemption date) except only the right of the holders thereof to receive, out of the funds so deposited in trust, from and after such date, the amount payable upon the redemption thereof, without interest.

Questions relating to, and requests for additional copies of, the notice of redemption and the related materials should be directed to APL's transfer agent, American Stock Transfer & Trust Company, LLC at, 6201 15th Avenue, Brooklyn, New York 11219, Attn: APL Class E Preferred Units Redemption, or by phone at (877) 248-6417 or (718) 921-8200.

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 17 gas processing plants, 18 gas treating facilities, as well as approximately 11,200 miles of active intrastate gas gathering pipeline.  For more information, visit APL's website at www.atlaspipeline.com or contact [email protected].

Targa Resources Partners is a publicly traded Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. ("TRC"), to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. TRP is a leading provider of midstream natural gas, NGL, terminalling and crude oil gathering services in the United States. TRP is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling NGLs and NGL products; gathering, storing and terminalling crude oil; and storing, terminalling and selling refined petroleum products.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained herein are "forward-looking statements" that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements.  Readers are cautioned that any forward-looking information is not a guarantee of future performance.  Risks and uncertainties related to the proposed transaction include, among others: the risk that unitholders of Atlas Energy, L.P. ("ATLS") or APL or stockholders of TRC do not approve the mergers; the risk that the merger agreement is terminated as a result of a competing proposal, the risk that regulatory approvals required for the mergers are not obtained on the proposed terms and schedule or are obtained subject to conditions that are not anticipated; the risk that the other conditions to the closing of the mergers are not satisfied; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the mergers; uncertainties as to the timing of the mergers; competitive responses to the proposed merger; costs and difficulties related to the integration of ATLS's and APL's businesses and operations with TRC's and TRP's business and operations; the inability to obtain, or delays in obtaining, the cost savings and synergies contemplated by the mergers; uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; unexpected costs, charges or expenses resulting from the mergers; litigation relating to the merger; the outcome of  potential litigation or governmental investigations; the inability to retain key personnel; and any changes in general economic and/or industry specific conditions; and other risks, assumptions and uncertainties detailed from time to time in ATLS' and APL's reports filed with the U.S. Securities and Exchange Commission, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.  Forward-looking statements speak only as of the date hereof, and we assume no obligation to update such statements, except as may be required by applicable law.

Contact: Matthew Skelly
Vice President - Investor Relations
1845 Walnut Street
Philadelphia, PA 19103
(877) 950-7473
(215) 561-5692 (fax)

SOURCE Atlas Pipeline Partners, L.P.

Related Links

http://www.atlaspipeline.com