Atlas Resource Partners LP (NYSE: ARP) has priced the offering of an additional $75 million in aggregate principal amount of its 9.25% senior unsecured notes due 2021.
The offering was upsized to $75 million from the previously announced amount of $50 million. The notes are being sold at 100.5% of their face amount. ARP expects the offering of the notes to close on Oct. 14.
ARP intends to use the net proceeds from the offering to fund a portion of its previously announced acquisition of oil producing assets in the Eagle Ford shale play in south Texas. Before funding the pending Eagle Ford acquisition, ARP may use some or all of the net proceeds for general partnership purposes, which may include repayment of borrowings under its revolving credit facility.