UPDATE: Atlas Resources Announces Public Offering Of 12.25 Mln Units; Shares Fall 4%

By MidnightTrader.com Staff,

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Shares in Atlas Resource Partners L.P. ( ARP ) fell just under 4% after the opening bell to $22.14, after it announced it has started an underwritten public offering of 12.25 million units representing limited partner interests.

ARP intends to use the net proceeds to fund a portion of its acquisition of natural gas assets from EP Energy. Prior to funding the pending acquisition, ARP may use some or all of the net proceeds for general partnership

Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities, J.P. Morgan, Morgan Stanley and RBC Capital Markets are acting as joint book-running managers for the offering.

The underwriters have been granted a 30-day option to purchase up to an additional 1,837,500 common units.

ARP trades within a 52-week range of $21.23 - $28.23.

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

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This article appears in: Investing Commodities
Referenced Stocks: ARP

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