Atlas Resource Partners LP (NYSE: ARP) has priced the previously announced offering of an additional $100 million in aggregate principal amount of its 7.75% senior unsecured notes due 2021. The notes are being sold at 99.5% of their face amount. ARP expects the offering of the notes to close on June 2.
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.