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Atlas Energy high-yield bonds price at par to yield 7.75%; terms

Atlas Resource Partners today completed an offering of senior notes via bookrunners J.P. Morgan, Citi, Wells Fargo, Deutsche Bank, and Bank of America, according to sources. Terms were finalized at the wide end of guidance after a $25 million upsizing. Proceeds from the deal will be used to repay an existing term loan and a portion of the company’s revolver borrowings, sources note. Issuance comes at Atlas Energy Holdings Operating and Atlas Resource Finance. Atlas Resource Partners is an oil-and-gas exploration-and-production limited partnership focused on production primarily in Appalachia and the Barnett Shale in Texas. Terms:

 

Issuer Atlas Energy Holdings Operating/Atlas Resource Finance
Ratings B-/Caa1
Amount $275 million
Issue senior notes (144A)
Coupon 7.75%
Price 100
Yield 7.75%
Spread T+634
FRN eq. L+624
Maturity Jan. 15, 2021
Call nc4
Trade Jan. 16, 2013
Settle Jan. 23, 2013 (T+4)
Joint Bookrunners JPM/Citi/WF/DB/BAML
Co-leads
Co’s.
Px talk 7.5-7.75%
Notes upsized by $25 million.

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