Atlas Resource Partners Sliding After Disclosing Plans to Sell Up to 8 Million Equity Units

By Staff,

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Atlas Resource Partners L.P. ( ARP ) is down 0.87% to $23.85 in late trading after announcing plans to sell 6.8 million common equity units. Underwriters are expected to receive options to purchase an additional 1.2 million shares to cover any overallotments.

The company plans to use proceeds to fund a portion of its acquisition of oil & gas assets and undeveloped acreage in the Fort Worth Basin of Texas from DTE Energy. Proceeds may also be used for general partnership purposes, including repaying debt.

ARP trades within a 52-week range of $20 - $31.97.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: ARP

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