Atlas Agrees to Sell its Interests in West Texas LPG Pipeline

Source: www.gulfoilandgas.com 5/5/2014, Location: North America

Atlas Pipeline Partners, L.P. has entered into a definitive agreement to sell its subsidiaries that own a 20% stake in West Texas LPG Limited Partnership to a subsidiary of Martin Midstream Partners L.P. (NASDAQ: MMLP) for $135 million in cash, subject to certain closing adjustments. Proceeds from the sale will be used to further reduce the Partnership's outstanding debt. The Partnership expects the transaction to close during the second quarter of 2014, subject to customary closing conditions.

"This transaction will benefit the Partnership as we utilize the proceeds to continue to deleverage the balance sheet and add liquidity to manage the many opportunities in front of the Partnership," commented Eugene Dubay, Chief Executive Officer of the Partnership. Citigroup Global Markets, Inc. acted as financial advisor and Jones Day acted as legal advisor for this transaction.

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