In connection with its previously disclosed ongoing negotiations with its lenders and noteholders, Atlas Resource Partners, L.P. and its subsidiaries, Atlas Resource Partners Holdings, LLC and Atlas Resource Finance Corporation (together, the “Issuers”), have elected to utilize the 30 day grace period related to the $13.7 million interest payment on the Issuers’ 7.75% Senior Notes due 2021 (the “Notes”). As such, the Issuers are not making the July 15, 2016 interest payment at this time.
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On July 15, 2016, Foresight Energy LLC and others entered into the First Amendment to Transaction Support Agreement with certain noteholders which extended the termination date for (i) failure to consummate a global restructuring of the Partnership’s indebtedness (the “Restructuring”) contemplated by the Notes Support Agreement or (ii) any condition to the exchange offer contemplated by the Notes Support Agreement becoming incapable of being satisfied, to August 2, 2016.
On July 17, 2016, Murray Energy Corp., Foresight Reserves LP, Christopher Cline and Cline Resources and Development Company each executed a joinder to the Notes Support Agreement, whereby such parties agreed, among other things, to support and seek to consummate the Restructuring.
Also on July 17, 2016, the Partnership entered into the Second Amendment to Transaction Support Agreement with certain lenders which (A) extended the termination date for failure to consummate the Restructuring contemplated by the Lender Support Agreement to July 22, 2016 and (B) permits discussions among the parties thereto and other key constituencies regarding consensual modifications to the terms of the transaction and appropriate steps in furtherance thereof. The Initial Lender Extension Date may be extended to August 5, 2016, or such later date agreed to among the Partnership and the Consenting Lenders constituting “Required Lenders” under the Credit Agreement, subject to the Partnership agreeing to the terms of a modified Restructuring in reasonable detail with certain of its secured and unsecured lenders and FELLC paying each Consenting Lender that has executed the amendment to the Lender Support Agreement an amount to be agreed among FELLC and Required Lenders.
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Five-year (non-call two) secured notes offering via Goldman Sachs, Wells Fargo, Fifth Third, and U.S. Bancorp