Today, Atlas Resource Partners (ARP) LP announced completing a previously announced acquisition of EP Energy's natural gas assets. The deal was valued at USD733 million pursuant to the previously signed agreement. The assets included natural gas assets located in New Mexico and Alabama basins.
A portion of the transaction was financed by ARP. The said transaction was paid for with funds worth USD400 million in equity that included USD313 million through a public offering of its newly issued common stock. Furthermore, $87 million of Class C convertible preferred units were purchased by Atlas Energy.
ARP financed part of the transaction through a USD250 million offering of senior unsecured notes that will mature in 2021. ARP's revolving credit funded the remainder of the transaction. Upon the completion of the deal, ARP's revolving credit facility was increased to USD835 million from USD430 million.
Deutsche Bank Securities was the appointed financial advisor of the deal. Wachtell, Lipton, Rosen & Katz and Ledgewood were appointed as the legal advisors for the transaction.
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