Atlas Resource Partners Prices $116.5 Mln Units Offering

(RTTNews) - Atlas Resource Partners, L.P. (ARP) said Tuesday that it has priced an underwritten public offering of 5.5 million common units representing limited partner interests at an offering price of $21.18.

The underwriters have been granted a 30-day option to purchase up to an additional 825,000 common units.

The net proceeds of the offering, assuming no exercise of the over-allotment option, after underwriting discounts and estimated expenses, are about $112.1 million.

Atlas Resource Partners plans to use the net proceeds from the offering to fund its previously-announced acquisition of natural gas assets from GeoMet, Inc. and its subsidiaries. Prior to funding the pending acquisition, the partnership may use some or all of the net proceeds for general partnership purposes, which may include repayment of outstanding borrowings under its revolving credit facility.