Atlas Resource Partners LP (NYSE: ARP) has begun an underwritten public offering of 13,500,000 common units representing limited partner interests.
Wells Fargo Securities, Deutsche Bank Securities, Morgan Stanley, BofA Merrill Lynch, Citigroup, JP Morgan, and RBC Capital Markets are acting as joint book-running managers for this offering. The underwriters have been granted a 30-day option to purchase up to an additional 2,025,000 common units.
ARP intends to use the net proceeds from this offering to fund a portion of its previously announced acquisition of oil assets in the Rangely Field in northwest Colorado. 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.