Atlas Pipeline Partners, L.P. Announces $10 Million Credit Facility From PNC and First Union.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Oct. 31, 2000 Atlas Pipeline Partners, L.P. (AMEX AMEX See: American Stock Exchange :APL (A Programming Language) A high-level mathematical programming language noted for its brevity and matrix generation capabilities. Developed by Kenneth Iverson in the mid-1960s, it runs on micros to mainframes and is often used to develop mathematical models. )(the "Partnership") announced it has established a new credit facility in the amount of $10 million from PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank and First Union National Bank. The facility has a maturity date of October 25, 2003, and bears interest based on the PNC prime rate, the Federal Funds Rate Federal Funds Rate The interest rate at which a depository institution lends immediately available funds (balances at the Federal Reserve) to another depository institution overnight. or the Eurodollar rate with margins that vary based on facility utilization. Proceeds of this loan are restricted to financing the Partnership's acquisitions, expansion of its pipeline system, and ongoing operations. Michael Staines, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Partnership said, "This credit facility will enhance the Partnership's ability to move forward in a deliberate manner with the expansion of its assets through acquisition and internal growth." Atlas Pipeline Partners, L.P. owns and operates more than 900 miles of natural gas gathering pipelines in western Pennsylvania, western New York
Western New York refers to the westernmost region of New York State. and eastern Ohio. The Partnership is paid a fee for the natural gas volumes that are gathered and transported through its pipeline system from approximately 3,300 wells that are currently connected to its system. Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Partnership's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and volumetric production from wells connected to the Partnership's gas-gathering pipeline system, and the cost of supplies and services in the energy industry. |
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