Atlas Pipeline completes $686MM Elk City system sale to Enbridge

Source: Atlas Pipeline Partners

Atlas Pipeline Partners (NYSE:APL) has completed the sale of its Elk City natural gas gathering and processing system to Enbridge Energy Partners (NYSE: EEP) for $686.1 million in cash, including a positive working capital adjustment. 

Atlas Pipeline will use net proceeds to repay all but $40 million of its senior secured debt. Net proceeds from the transaction will repay APL’s $422 million secured term loan and $250 million of its revolving credit facility, leaving approximately $340 million of liquidity under this line. 

Eugene Dubay, the Partnership’s Chief Executive Officer, stated, “We are pleased to announce the closing of the Elk City transaction. By using the proceeds to deleverage and improve the balance sheet, our company is positioned to take advantage of our significant organic growth projects in the Marcellus shale and Mid-Continent. We look forward to operating from a position of strength and flexibility.”



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs