Atlas Resource Partners LP (NYSE: ARP) has closed its underwritten public offering and the full exercise of the underwriters’ over-allotment option to purchase additional common units. Including the units purchased in the over-allotment option, ARP issued a total of 6,325,000 common units at an offering price of $21.18 per unit. The net proceeds of the offering, including the exercise of the over-allotment option, after underwriting discounts and estimated expenses, are approximately $129.0 million.
ARP intends to use the net proceeds from this offering to fund its previously announced acquisition of natural gas assets from GeoMet Inc. and its subsidiaries. Prior to funding the pending acquisition, ARP 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.
Wells Fargo Securities, Citigroup, Deutsche Bank Securities, JP Morgan, Morgan Stanley, and RBC Capital Markets are acting as joint book-running managers for this offering.