29 Jan 2019listing compliance notice▼ BadMajor
Atlas Energy Group, LLC suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Dec 2018debt financing● Neutral
On December 20, 2018, the first lien maturity was extended from December 31, 2018 to March 31, 2019 under an Eleventh Amendment with Riverstone. The filing does not mention the Arc Logistics/Lightfoot sale proceeds or any repayment.
11 Dec 2018listing compliance notice▼ BadMajor
Atlas Energy Group, LLC terminated the registration of a class of securities, ending its reporting obligation for them.
9 Oct 2018debt financing▼ Bad
On October 2, 2018 (effective September 28, 2018), the first lien maturity was extended from September 30, 2018 to December 31, 2018, and the company's failures to deliver certain customary certificates, reports and other deliverables were waived again.
16 July 2018debt financing▼ Bad
On July 10, 2018 (effective June 30, 2018), the first lien maturity was extended from June 30, 2018 to September 30, 2018. Riverstone and the lenders also waived the company's failures to deliver certain customary certificates, reports and other deliverables, which means it had missed those requirements.
2 May 2018debt financing● Neutral
On April 26, 2018, the first lien maturity was extended from April 30, 2018 to June 30, 2018 under an Eighth Amendment with Riverstone.
20 Mar 2018debt financing● Neutral
On March 15, 2018, the first lien maturity was extended from March 15, 2018 to April 30, 2018 under a Seventh Amendment with Riverstone.
6 Feb 2018debt financing● Neutral
On January 31, 2018, the first lien maturity was extended from January 31, 2018 to March 15, 2018 under a Sixth Amendment with Riverstone.
4 Jan 2018debt financing● Neutral
On December 28, 2017, the first lien maturity was extended again, from December 29, 2017 to January 31, 2018. The amendment also adds an event of default if the company fails to give Riverstone written notice of receiving or making certain transaction proposals.
2 Oct 2017debt financing● Neutral
On September 29, 2017, Riverstone and the first lien lenders extended the maturity of Atlas Energy Group's first lien facility from September 30, 2017 to December 29, 2017. This is a short extension of the loan that was due at the end of September, not a repayment.
31 Aug 2017business combination▲ GoodMajor
On August 29, 2017, Lightfoot Capital Partners (in which Atlas Energy Group holds 15.9% of the GP and 12.0% of the LP) and Arc Logistics agreed to be bought by Zenith Energy U.S. (a Warburg Pincus portfolio company). Atlas Energy Group expects net proceeds of $12.2M and $8.1M from the units and GP interest, plus $7.8M from Lightfoot's sale of its Gulf LNG interest ($3.3M of it conditional), and expects to own 1.8% of Arc Terminals Joliet Holdings for $3.4M. Closing is targeted for end of Q4 2017 or early Q1 2018, subject to unitholder approval and antitrust clearance, and the company plans to use the proceeds to repay its first lien term loan.
12 Oct 2016debt financing▲ GoodMajor
On October 6, 2016 (effective September 1, 2016), Atlas Energy Group amended its Riverstone first and second lien loans to reflect Titan Energy, LLC as successor to Atlas Resource Partners after the Chapter 11 cases were completed. The amendments also remove the financial covenants and related cross-defaults that had been taken from ARP's credit agreement, resolving that earlier covenant and cross-default exposure.
28 July 2016bankruptcy or receivership▼ BadMajor
On July 27, 2016, Atlas Resource Partners and certain subsidiaries filed for Chapter 11 in the Southern District of New York with a pre-packaged plan backed by a Restructuring Support Agreement signed July 25 (100% of first lien and second lien lenders, about 80% of noteholders). The filing accelerated about $674M first lien, $250M second lien and $667.6M of senior notes (as of March 31, 2016); after $233.5M was repaid from hedge sales, about $440M remains on the first lien and ARP has $17M cash. Emergence is expected before the end of Q3 2016. The filing does not say what happens to Atlas Energy Group's ARP interests under the plan; the equity outcome for ARP's holders is not stated here.
12 July 2016debt financing▼ BadMajor
Atlas Resource Partners (ARP), whose general partner is Atlas Energy Group, skipped the first $143.7M-deficiency repayment installment due July 11, 2016 after its borrowing base was cut from $700M to $530M. ARP's lenders and noteholders agreed to forbear, and Riverstone waived the resulting cross-default on Atlas Energy Group's own first and second lien loans for as long as the forbearance lasts, and also waived the potential default from ARP's negotiations if a restructuring is completed before October 31, 2016. This is the cross-default risk to ARP noted in the Riverstone loan terms now materialising, but waived.
29 Apr 2016capital raising announcement▼ BadMajor
On April 27, 2016 Atlas Energy Group issued the warrants promised under the March 2016 second lien: they cover up to 4,668,044 common units at $0.20 each, expire March 30, 2026, and allow cashless exercise. It also signed a registration rights agreement letting the lenders require registration of the units for resale, and amended its LLC agreement to clarify tax provisions tied to the warrants. This completes the dilution step announced in March.
What it means for a shareholder
4.7m new shares at $0.200 to raise about $933,609. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held $1,000 of shares (5,000 at the issue price), your slice goes from 0.0192% to 0.0163% of the company. To keep it you'd need 897 more shares - about $179 at the issue price.
Create a free account to see this worked out for your own holding.
4 Apr 2016listing compliance notice● NeutralMajor
Atlas Energy Group, LLC's exchange filed to remove a class of its securities from listing.
31 Mar 2016capital raising announcement▼ BadMajor
On March 30, 2016 Atlas Energy Group restructured its August 2015 Riverstone loan: the debt was split into a first lien of $35 million and a new second lien of $35.8 million (including a $2.4 million deemed prepayment premium), after a roughly $4.8 million prepayment. The first lien now matures September 30, 2017 and the second lien March 30, 2019. The second lien accrues interest in kind at 30%, cash distributions on common and preferred units are prohibited, and the lenders are to receive warrants for up to 15% of common units at $0.20 per unit, which would dilute existing unitholders. The same release says the 2015 annual report was filed.
18 Mar 2016listing compliance notice▼ BadMajor
On March 18, 2016 the NYSE began delisting proceedings and suspended trading in Atlas Energy Group's units because average market value fell below $15 million. The company expects the units to trade on the OTCQX from March 21, 2016 under the same ticker ATLS, and it will keep filing SEC reports. This escalates the earlier 2015-2016 NYSE notices.
13 Jan 2016listing compliance notice▼ BadMajor
On January 7, 2016 the NYSE gave Atlas Energy Group a second notice, this time because the average closing price of its units was below $1.00 over 30 trading days. The company has six months to get back above $1.00; the units remain listed meanwhile. This adds to the earlier market-value notice from December 2015.
30 Dec 2015listing compliance notice▼ BadMajor
On December 23, 2015 the NYSE told Atlas Energy Group it was below listing standards because its average market value over 30 trading days and its stockholders' equity were each under $50 million. The units stay listed for now, and the company plans to submit a plan to regain compliance within 18 months.
14 Aug 2015debt financing▼ BadMajor
On August 10, 2015 Atlas Energy Group and its subsidiary New Atlas Holdings signed a credit agreement with Riverstone Credit Partners for a secured term loan of up to $82.7 million, maturing five years after funding conditions are met. It is priced at LIBOR plus 7.0% (or a base rate plus 6.0%), is secured on substantially all of the borrower's and guarantors' assets, and carries covenants and required prepayments (including from asset sales and any new debt or equity issued), which constrain the company's flexibility.
26 May 2015material agreement● NeutralMajor
Atlas Energy Group's subsidiary New Atlas Holdings agreed on May 18, 2015 to sell 100% of ATLS Production Company to ARP Production Company (a subsidiary of Atlas Resource Partners, in which Atlas Energy Group is general partner and holds about a 28% limited partner interest) for $35.5 million, subject to adjustments. The assets are Arkoma basin gas properties that the company says hold about 41 billion cubic feet of reserves and produce about 11 million cubic feet per day from over 550 wells (company's own estimate, not independently verified); closing was expected in the second quarter of 2015.
6 Feb 2015listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Atlas Energy Group, LLC's securities for listing, clearing them to begin trading.