This document is an S-1 filing for an initial public offering of Atlas Pipeline Holdings, L.P. common units. The filing provides details on the offering, including:
1) Atlas Pipeline Holdings owns a general partner interest and limited partner units in Atlas Pipeline Partners, L.P., an energy services provider. It intends to use the proceeds from the offering to distribute cash to existing unitholders.
2) The offering involves 3.6 million common units with an anticipated price range of $XX to $XX per unit.
3) Risk factors are disclosed, including the fact that Atlas Pipeline Holdings' only asset is its interest in Atlas Pipeline Partners, so its cash flow depends entirely on
Clear Channel Communications, Inc. filed a Form 8-K with the SEC on March 18, 2003 regarding the offer and sale of $200 million in aggregate principal amount of 4.625% Senior Notes due 2008. The filing included an underwriting agreement for the notes offering, an opinion on the legality of the notes from the company's counsel, and a supplemental indenture governing the terms of the notes. The company represented that the registration statement for the notes complied with applicable regulations and did not contain any untrue statements of material fact. Proceeds from the notes offering would be used for general corporate purposes.
- Clear Channel Communications, Inc. proposes to sell $250 million of 5.5% Notes Due 2016 to underwriters through an underwriting agreement.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from counsel and details of the supplemental indenture governing the notes.
- The proceeds from the public offering will be used for general corporate purposes.
The document summarizes an 8-K filing by Texas Competitive Electric Holdings Co LLC regarding an expected change in ownership and corporate structure. TXU Corp. expects to complete a merger with Texas Energy Future Holdings on October 10, 2007, financed by over $30 billion in debt facilities and equity contributions. The new structure will include ring-fenced subsidiaries like Oncor Electric Delivery that do not guarantee the debt financing the merger.
Clear Channel Communications proposes to sell $250 million in senior notes to underwriters. The filing includes an underwriting agreement and legal opinions related to the sale. Proceeds will be used for general corporate purposes. The document provides details on the terms of the agreement, representations and warranties about the company and its financials, as well as disclosures of legal proceedings.
Clear Channel Communications proposes to sell $250 million in 4.40% senior notes due 2011 and $250 million in 4.90% senior notes due 2015. The filing includes the underwriting agreement, an opinion from Akin Gump Strauss Hauer & Feld LLP, and a supplemental indenture between Clear Channel and the Bank of New York as trustee. Clear Channel represents that it has authorization to issue the notes and will use the proceeds in accordance with its shelf registration statement on Form S-3.
Clear Channel Communications filed an 8-K form with the SEC on May 2, 2003 regarding the sale of $500 million in senior notes. The filing included an underwriting agreement for the sale of the notes, an opinion on the transaction from the company's law firm, and a supplemental indenture between the company and trustee regarding the terms of the notes. The company's Chief Accounting Officer signed the filing.
- Clear Channel Communications, Inc. proposed to sell $250 million of 4.5% Notes Due 2010 through an underwriting agreement with UBS Securities LLC.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from Akin Gump Strauss Hauer & Feld LLP and the eighteenth supplemental indenture between Clear Channel Communications and The Bank of New York.
- The proceeds from the public offering of the notes were to be used for general corporate purposes.
Micron Technology terminated call spread options covering 53.7 million shares that were originally entered into in connection with convertible notes issued in 2003. The notes were called for redemption in January 2006 and were substantially converted to common stock, with the remainder redeemed on February 6, 2006. As the notes are no longer outstanding, Micron no longer needs the call spread options and terminated them, with proceeds to be determined based on stock prices over an agreed period. An interest rate swap agreement also terminated on February 6th due to the stock price exceeding $14.15.
Clear Channel Communications, Inc. filed a Form 8-K with the SEC on March 18, 2003 regarding the offer and sale of $200 million in aggregate principal amount of 4.625% Senior Notes due 2008. The filing included an underwriting agreement for the notes offering, an opinion on the legality of the notes from the company's counsel, and a supplemental indenture governing the terms of the notes. The company represented that the registration statement for the notes complied with applicable regulations and did not contain any untrue statements of material fact. Proceeds from the notes offering would be used for general corporate purposes.
- Clear Channel Communications, Inc. proposes to sell $250 million of 5.5% Notes Due 2016 to underwriters through an underwriting agreement.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from counsel and details of the supplemental indenture governing the notes.
- The proceeds from the public offering will be used for general corporate purposes.
The document summarizes an 8-K filing by Texas Competitive Electric Holdings Co LLC regarding an expected change in ownership and corporate structure. TXU Corp. expects to complete a merger with Texas Energy Future Holdings on October 10, 2007, financed by over $30 billion in debt facilities and equity contributions. The new structure will include ring-fenced subsidiaries like Oncor Electric Delivery that do not guarantee the debt financing the merger.
Clear Channel Communications proposes to sell $250 million in senior notes to underwriters. The filing includes an underwriting agreement and legal opinions related to the sale. Proceeds will be used for general corporate purposes. The document provides details on the terms of the agreement, representations and warranties about the company and its financials, as well as disclosures of legal proceedings.
Clear Channel Communications proposes to sell $250 million in 4.40% senior notes due 2011 and $250 million in 4.90% senior notes due 2015. The filing includes the underwriting agreement, an opinion from Akin Gump Strauss Hauer & Feld LLP, and a supplemental indenture between Clear Channel and the Bank of New York as trustee. Clear Channel represents that it has authorization to issue the notes and will use the proceeds in accordance with its shelf registration statement on Form S-3.
Clear Channel Communications filed an 8-K form with the SEC on May 2, 2003 regarding the sale of $500 million in senior notes. The filing included an underwriting agreement for the sale of the notes, an opinion on the transaction from the company's law firm, and a supplemental indenture between the company and trustee regarding the terms of the notes. The company's Chief Accounting Officer signed the filing.
- Clear Channel Communications, Inc. proposed to sell $250 million of 4.5% Notes Due 2010 through an underwriting agreement with UBS Securities LLC.
- The filing includes the underwriting agreement as an exhibit, as well as an opinion from Akin Gump Strauss Hauer & Feld LLP and the eighteenth supplemental indenture between Clear Channel Communications and The Bank of New York.
- The proceeds from the public offering of the notes were to be used for general corporate purposes.
Micron Technology terminated call spread options covering 53.7 million shares that were originally entered into in connection with convertible notes issued in 2003. The notes were called for redemption in January 2006 and were substantially converted to common stock, with the remainder redeemed on February 6, 2006. As the notes are no longer outstanding, Micron no longer needs the call spread options and terminated them, with proceeds to be determined based on stock prices over an agreed period. An interest rate swap agreement also terminated on February 6th due to the stock price exceeding $14.15.
2007 annual Report for PROS Holdings Inc. (NYSE:PRO)
PROS is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s.
StockTwits - http://stocktwits.com/PROSHoldings
Twitter - http://twitter.com/#!/mattbal4
IR Website - http://phx.corporate-ir.net/phoenix.zhtml?c=211158&p=irol-irhome
Corporate Blog - http://www.pricingleadership.com/
This document provides information about applying for tax-exempt status as a charitable organization in Texas. To qualify for exemption, an organization must devote all or substantially all of its activities to alleviating poverty, disease, pain or suffering by providing assistance like food, medicine, shelter or counseling directly to those in need for little to no cost. Organizations can apply for exemption based on either meeting Texas' definition of a charity or having a qualifying federal tax-exempt status under Section 501(c). The application requests information and documentation to determine if an organization qualifies for state sales, franchise or hotel occupancy tax exemptions.
- Clear Channel Communications, Inc. filed an 8-K report announcing the public offering of $750 million of its 5.5% Notes Due 2014.
- The offering closed on September 20, 2004, with the net proceeds to be used for general corporate purposes.
- The 8-K filing included the underwriting agreement for the notes offering, an opinion on the validity of the notes, and the supplemental indenture establishing the terms of the notes.
Clear Channel Communications, Inc. filed a Form 8-K with the SEC to report the issuance of $300 million in senior notes. The filing includes an underwriting agreement for the notes offering, an opinion on the legality of the offering from the company's counsel, and a supplemental indenture governing the terms of the notes. The company represents in the filing that it has authorization to issue the notes and that the offering complies with applicable securities laws.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
This document is SYNNEX Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended November 30, 2006. It includes details about the company's business operations, products distributed, key suppliers, financial data, risk factors, and other regulatory disclosures. Specifically, the report discusses that SYNNEX is a global IT supply chain services company focused on product distribution, logistics, contract assembly, and demand generation for OEM suppliers and resellers. It obtains products from over 100 OEMs led by HP, and distributes them to over 15,000 resellers. The report also includes financial data and discussions of risks related to the company's business dependence on key suppliers and
This document discusses biometrics authentication using physical and behavioral traits for security. Biometrics can identify users by their fingerprints, iris scans, facial recognition, voice patterns, and other characteristics. Popular biometric systems include fingerprint scanners, iris scans, and facial recognition. Biometric templates, which translate characteristics into codes, range in size from 9 bytes for hand geometry to 84 bytes to 2k for facial recognition. The document explores how biometric authentication works and is becoming more common for both commercial and personal use.
This document provides an introduction to biometric technologies and applications. It defines biometrics as technologies that measure and analyze physiological or behavioral characteristics that are unique to individuals, such as fingerprints, facial features, voice, etc. These characteristics can be used to verify or identify a person. The document discusses how biometrics are used for authentication by measuring something unique to a person ("something you are") as opposed to traditional methods that rely on passwords, tokens, or ID cards ("something you know" or "something you have"). It provides examples of different biometric technologies and discusses requirements for an ideal biometric system as well as challenges with real-world biometric systems. The document concludes by discussing how biometrics can be used to determine or
Sony Corporation is a Japanese multinational conglomerate corporation headquartered in Tokyo. It was founded in 1946 and has since become a leading manufacturer of audio, video, communications, and information technology products for the consumer and professional markets. The document traces Sony's history from its founding in 1946 to the present, highlighting major product releases such as the Walkman in 1979 and Blu-ray Disc technology in 2003. It also discusses Sony's environmental initiatives and opportunities in new businesses like solar and bio batteries.
Biometrics uses unique physical and behavioral attributes to verify identity. Physiological attributes like fingerprints, retina, and iris are used. Behavioral attributes include voice, signature, and keystroke patterns. Biometric systems are used for security in businesses, buildings, and homes by identifying authorized individuals through their unique attributes. They increase security and monitor employee performance and access. Common biometric technologies include fingerprint, face, voice, signature, hand, iris, and keystroke recognition systems.
Applications of Biometrics in Technologyiamsanjayk
Biometric in the field of Computer science ! This is a powerpoint presentation prepared as a first year participation in college presentation competition. Topic - Applications of biometrics in technology. This was my first attempt. Hope it comes in use for people in need of a simple presentation.
Aks Solutions is a solution oriented firm indulged in serving organizations with work optimizing products and services since May, 2015. We understand the new challenges and obstacles which are continuously arising for businesses with the rapid advancement in technology and business environment, they could only be tackled with efficient and effective approaches. Aks Solutions has trained and dedicated team equipped with the knowledge, skills and expertise of the modern era to fulfill business requirements maximizing client satisfaction. To serve organizations with their customized wish list, our products and services profile presents a broad range of solutions in a cost effective manner.
Support Team
Aks Solutions
Suite#232, 2nd Floor, Al-Rehman Trade Center, Shahra-e-Liaquat
Near Chamber of Commerce, Karachi
Contact: +92-21-32470013, +92-333-3050772, +92-3313896942
Email: cs@aks-solutions.com, Website: www.aks-solutions.com
This document discusses biometrics technology and its various applications. It describes three main types of authentication: something you know, something you have, and something you are (biometrics). Biometrics refers to using biological and behavioral characteristics to identify individuals. Common physical biometrics include fingerprints, facial features, retina, iris, veins and hand/finger geometry. Behavioral biometrics include keystroke dynamics, voice, gait, and signature. The document outlines several biometric technologies like fingerprint, facial, iris recognition and signature identification. It also discusses applications in security, government, banking, access control and advantages and disadvantages of biometrics.
I am Adoitya Kaila .a student of management.here I am presnting a presentation on biometric technology which is considered the most reliable source of security in todays time.i have tried to make it simple for each and everyone .
This document provides an overview of biometrics technologies. It begins with an introduction to biometrics and then discusses the history of biometrics from ancient Egyptians and Chinese using fingerprints to modern systems being developed in the 1970s. The document outlines key characteristics biometrics must have such as universality and permanence. It then classifies and describes various biometric technologies including fingerprint, face, iris, voice, and signature recognition. Application examples are presented for areas like gaming, television control, and accessibility switches. The document concludes that biometrics provide a user-friendly way to interact with devices without passwords while continuing to develop as an emerging field.
The term “biometrics” is derived from the Greek words “bio” (life) and “metrics” (to measure).
This presentation provides brief introduction about biometric technology and its working.
Please write us your query & requirement;
Support Team
Aks Solutions
Suite#232, 2nd Floor, Al-Rehman Trade Center, Shahra-e-Liaquat
Near Chamber of Commerce, Karachi 74000, Pakistan
Contact: +92-21-32470013, +92-333-3050772, +92-3313896942
Email: cs@aks-solutions.com, Website: www.aks-solutions.com
Authentication(pswrd,token,certificate,biometric)Ali Raw
Authentication refers to confirming the identity of a person or entity. There are three main categories of authentication: what you know (e.g. passwords), what you have (e.g. tokens, certificates), and who you are (biometrics). Common types of authentication include password-based using user IDs and passwords, certificate-based using digital certificates, token-based using devices that generate random codes, and biometric-based using unique human characteristics like fingerprints. Each type involves validating identity by verifying identifying information against stored credentials through an authentication process.
This presentation discusses biometric authentication methods for enhancing security. It covers phases of biometric systems including capture, extraction, comparison and match/no match. Fingerprint recognition is described as the oldest method dating back to 1896 and widely used for criminal identification. The presentation also discusses other biometric techniques like hand geometry recognition, facial recognition analyzing attributes like eye sockets and mouth, voice recognition using formants, iris recognition using unique iris patterns, and emerging biometrics like vein scans, facial thermography, gait recognition, blood pulse, ear shape recognition and odor sensing. Biometric technologies can achieve e-commerce and e-government promises through strong personal authentication and each technique's performance varies by usage and environment.
This document is a seminar report on biometrics technology submitted by Pavan Kumar M.T. to fulfill requirements for a Bachelor of Engineering degree. The report provides an introduction to biometrics, which uses human physiological or behavioral characteristics to identify individuals. It discusses the history of biometrics and provides a block diagram of typical biometrics systems. It also classifies and describes various biometric techniques including fingerprints, face recognition, hand geometry, iris recognition, speaker recognition, signature recognition, and gesture recognition.
The document discusses biometrics and fingerprint recognition technologies. It provides an overview of why biometrics are needed due to vulnerabilities in traditional identity methods like passwords. It then describes different biometric modalities like fingerprints, facial recognition, iris scanning, and compares their characteristics. The document explains how fingerprint recognition works from image capture to matching. It outlines fingerprint matching algorithms and challenges. Finally, it discusses applications of fingerprint biometrics and provides a brief history of biometrics.
2007 annual Report for PROS Holdings Inc. (NYSE:PRO)
PROS is a leading provider of prescriptive pricing and revenue management software for companies in the manufacturing, distribution, services and travel industries. PROS gives customers far greater confidence and agility in their pricing strategies by providing data-driven insights into transaction profitability, forecasting demand, recommending optimal prices for each product and deal, and streamlining pricing processes with enhanced controls and compliance. With $468 billion in revenues under management, PROS has implemented more than 500 solutions in more than 50 countries. The PROS team comprises more than 500 professionals, including 100 with advanced degrees and 25 with Ph.D.s.
StockTwits - http://stocktwits.com/PROSHoldings
Twitter - http://twitter.com/#!/mattbal4
IR Website - http://phx.corporate-ir.net/phoenix.zhtml?c=211158&p=irol-irhome
Corporate Blog - http://www.pricingleadership.com/
This document provides information about applying for tax-exempt status as a charitable organization in Texas. To qualify for exemption, an organization must devote all or substantially all of its activities to alleviating poverty, disease, pain or suffering by providing assistance like food, medicine, shelter or counseling directly to those in need for little to no cost. Organizations can apply for exemption based on either meeting Texas' definition of a charity or having a qualifying federal tax-exempt status under Section 501(c). The application requests information and documentation to determine if an organization qualifies for state sales, franchise or hotel occupancy tax exemptions.
- Clear Channel Communications, Inc. filed an 8-K report announcing the public offering of $750 million of its 5.5% Notes Due 2014.
- The offering closed on September 20, 2004, with the net proceeds to be used for general corporate purposes.
- The 8-K filing included the underwriting agreement for the notes offering, an opinion on the validity of the notes, and the supplemental indenture establishing the terms of the notes.
Clear Channel Communications, Inc. filed a Form 8-K with the SEC to report the issuance of $300 million in senior notes. The filing includes an underwriting agreement for the notes offering, an opinion on the legality of the offering from the company's counsel, and a supplemental indenture governing the terms of the notes. The company represents in the filing that it has authorization to issue the notes and that the offering complies with applicable securities laws.
Craftmade International Inc. filed its annual report on Form 10-K for the fiscal year ended June 30, 2009. The report discusses the company's two segments - Specialty and Mass - which have been impacted by the economic downturn and decline in housing. In January 2008, the company acquired certain assets of Woodard, LLC, expanding its outdoor furniture offerings. Lowe's remains its largest customer although there are no long-term contracts. The report provides an overview of the company's business operations and financial information.
This document is SYNNEX Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ended November 30, 2006. It includes details about the company's business operations, products distributed, key suppliers, financial data, risk factors, and other regulatory disclosures. Specifically, the report discusses that SYNNEX is a global IT supply chain services company focused on product distribution, logistics, contract assembly, and demand generation for OEM suppliers and resellers. It obtains products from over 100 OEMs led by HP, and distributes them to over 15,000 resellers. The report also includes financial data and discussions of risks related to the company's business dependence on key suppliers and
This document discusses biometrics authentication using physical and behavioral traits for security. Biometrics can identify users by their fingerprints, iris scans, facial recognition, voice patterns, and other characteristics. Popular biometric systems include fingerprint scanners, iris scans, and facial recognition. Biometric templates, which translate characteristics into codes, range in size from 9 bytes for hand geometry to 84 bytes to 2k for facial recognition. The document explores how biometric authentication works and is becoming more common for both commercial and personal use.
This document provides an introduction to biometric technologies and applications. It defines biometrics as technologies that measure and analyze physiological or behavioral characteristics that are unique to individuals, such as fingerprints, facial features, voice, etc. These characteristics can be used to verify or identify a person. The document discusses how biometrics are used for authentication by measuring something unique to a person ("something you are") as opposed to traditional methods that rely on passwords, tokens, or ID cards ("something you know" or "something you have"). It provides examples of different biometric technologies and discusses requirements for an ideal biometric system as well as challenges with real-world biometric systems. The document concludes by discussing how biometrics can be used to determine or
Sony Corporation is a Japanese multinational conglomerate corporation headquartered in Tokyo. It was founded in 1946 and has since become a leading manufacturer of audio, video, communications, and information technology products for the consumer and professional markets. The document traces Sony's history from its founding in 1946 to the present, highlighting major product releases such as the Walkman in 1979 and Blu-ray Disc technology in 2003. It also discusses Sony's environmental initiatives and opportunities in new businesses like solar and bio batteries.
Biometrics uses unique physical and behavioral attributes to verify identity. Physiological attributes like fingerprints, retina, and iris are used. Behavioral attributes include voice, signature, and keystroke patterns. Biometric systems are used for security in businesses, buildings, and homes by identifying authorized individuals through their unique attributes. They increase security and monitor employee performance and access. Common biometric technologies include fingerprint, face, voice, signature, hand, iris, and keystroke recognition systems.
Applications of Biometrics in Technologyiamsanjayk
Biometric in the field of Computer science ! This is a powerpoint presentation prepared as a first year participation in college presentation competition. Topic - Applications of biometrics in technology. This was my first attempt. Hope it comes in use for people in need of a simple presentation.
Aks Solutions is a solution oriented firm indulged in serving organizations with work optimizing products and services since May, 2015. We understand the new challenges and obstacles which are continuously arising for businesses with the rapid advancement in technology and business environment, they could only be tackled with efficient and effective approaches. Aks Solutions has trained and dedicated team equipped with the knowledge, skills and expertise of the modern era to fulfill business requirements maximizing client satisfaction. To serve organizations with their customized wish list, our products and services profile presents a broad range of solutions in a cost effective manner.
Support Team
Aks Solutions
Suite#232, 2nd Floor, Al-Rehman Trade Center, Shahra-e-Liaquat
Near Chamber of Commerce, Karachi
Contact: +92-21-32470013, +92-333-3050772, +92-3313896942
Email: cs@aks-solutions.com, Website: www.aks-solutions.com
This document discusses biometrics technology and its various applications. It describes three main types of authentication: something you know, something you have, and something you are (biometrics). Biometrics refers to using biological and behavioral characteristics to identify individuals. Common physical biometrics include fingerprints, facial features, retina, iris, veins and hand/finger geometry. Behavioral biometrics include keystroke dynamics, voice, gait, and signature. The document outlines several biometric technologies like fingerprint, facial, iris recognition and signature identification. It also discusses applications in security, government, banking, access control and advantages and disadvantages of biometrics.
I am Adoitya Kaila .a student of management.here I am presnting a presentation on biometric technology which is considered the most reliable source of security in todays time.i have tried to make it simple for each and everyone .
This document provides an overview of biometrics technologies. It begins with an introduction to biometrics and then discusses the history of biometrics from ancient Egyptians and Chinese using fingerprints to modern systems being developed in the 1970s. The document outlines key characteristics biometrics must have such as universality and permanence. It then classifies and describes various biometric technologies including fingerprint, face, iris, voice, and signature recognition. Application examples are presented for areas like gaming, television control, and accessibility switches. The document concludes that biometrics provide a user-friendly way to interact with devices without passwords while continuing to develop as an emerging field.
The term “biometrics” is derived from the Greek words “bio” (life) and “metrics” (to measure).
This presentation provides brief introduction about biometric technology and its working.
Please write us your query & requirement;
Support Team
Aks Solutions
Suite#232, 2nd Floor, Al-Rehman Trade Center, Shahra-e-Liaquat
Near Chamber of Commerce, Karachi 74000, Pakistan
Contact: +92-21-32470013, +92-333-3050772, +92-3313896942
Email: cs@aks-solutions.com, Website: www.aks-solutions.com
Authentication(pswrd,token,certificate,biometric)Ali Raw
Authentication refers to confirming the identity of a person or entity. There are three main categories of authentication: what you know (e.g. passwords), what you have (e.g. tokens, certificates), and who you are (biometrics). Common types of authentication include password-based using user IDs and passwords, certificate-based using digital certificates, token-based using devices that generate random codes, and biometric-based using unique human characteristics like fingerprints. Each type involves validating identity by verifying identifying information against stored credentials through an authentication process.
This presentation discusses biometric authentication methods for enhancing security. It covers phases of biometric systems including capture, extraction, comparison and match/no match. Fingerprint recognition is described as the oldest method dating back to 1896 and widely used for criminal identification. The presentation also discusses other biometric techniques like hand geometry recognition, facial recognition analyzing attributes like eye sockets and mouth, voice recognition using formants, iris recognition using unique iris patterns, and emerging biometrics like vein scans, facial thermography, gait recognition, blood pulse, ear shape recognition and odor sensing. Biometric technologies can achieve e-commerce and e-government promises through strong personal authentication and each technique's performance varies by usage and environment.
This document is a seminar report on biometrics technology submitted by Pavan Kumar M.T. to fulfill requirements for a Bachelor of Engineering degree. The report provides an introduction to biometrics, which uses human physiological or behavioral characteristics to identify individuals. It discusses the history of biometrics and provides a block diagram of typical biometrics systems. It also classifies and describes various biometric techniques including fingerprints, face recognition, hand geometry, iris recognition, speaker recognition, signature recognition, and gesture recognition.
The document discusses biometrics and fingerprint recognition technologies. It provides an overview of why biometrics are needed due to vulnerabilities in traditional identity methods like passwords. It then describes different biometric modalities like fingerprints, facial recognition, iris scanning, and compares their characteristics. The document explains how fingerprint recognition works from image capture to matching. It outlines fingerprint matching algorithms and challenges. Finally, it discusses applications of fingerprint biometrics and provides a brief history of biometrics.
This document provides an overview of biometric authentication techniques. It discusses what biometric authentication is, the different types of biometric techniques including fingerprint, face, iris, hand geometry, and voice recognition. It covers how biometric systems work, performance metrics, applications, limitations, and concludes that biometric authentication provides strong security for applications like e-commerce and e-government by utilizing unique physical and behavioral human traits.
The document discusses biometrics, which is the study of methods for uniquely recognizing humans based on physical and behavioral traits. Some examples of physiological biometrics are fingerprint, face recognition, DNA, hand and palm geometry, and iris recognition. Behavioral biometrics include typing rhythm, gait, and voice. The document then explains the process of biometric systems which involves capturing biometric data, creating a template, storing it in a database, and comparing new captures against stored templates to authenticate users. It discusses some challenges with biometric technologies including privacy issues, discrimination concerns, and the permanence of biometrics.
This document is Reliance Steel & Aluminum Co.'s registration statement filed with the SEC for an offering of up to 6,750,000 shares of its common stock. Some key details:
- Reliance is the largest metals service center company in North America, operating over 180 facilities across several countries.
- In 2007, the company generated $7.26 billion in net sales and $408 million in net income, its highest annual results ever.
- The proceeds from the offering will be used for general corporate purposes, including financing the acquisition of PNA Group Holding Corporation and refinancing its debt.
- Information is provided on the company's capitalization, historical stock prices,
Facebook ha superado los 900 millones de usuarios activos mensuales a 31 de marzo de 2012, lo que supone un aumento del 33% respecto al año pasado (680 millones). Diariamente son 526 millones los usuarios, un 41% más (frente a 372 en marzo de 2011). ¿Cómo es posible seguir creciendo a ese ritmo? Quizá porque su misión es "hacer el mundo más abierto y conectado" por lo que su único techo es el número de habitantes de la Tierra.
http://www.alfonsogadea.com/
This document is the annual report (Form 10-K) filed by Crown Crafts, Inc. for the fiscal year ending March 29, 2009. Crown Crafts operates in the infant and toddler products industry through its subsidiaries. It designs, markets, and distributes crib and toddler bedding, bibs, soft goods, and accessories. The company relies on foreign manufacturers, primarily in China, and sells products to major retailers in the US and other countries. In fiscal year 2009, Wal-Mart and Toys R Us each represented over 10% of the company's gross sales.
This document is Dover Corporation's annual report (Form 10-K) filed with the SEC for the fiscal year ending December 31, 2006. It provides an overview of Dover's business operations, reporting segments, management structure, acquisition strategy, and key financial data for fiscal year 2006. Dover operates through six business segments that manufacture specialized industrial products and equipment. It pursues a decentralized management approach and acquisition strategy focused on niche market leaders.
This document is Toll Brothers, Inc.'s annual report filed with the SEC on Form 10-K. It provides information on Toll Brothers' business operations, geographic locations, home products, backlog, and financial performance. Specifically, it discloses that as of October 31, 2006: (1) Toll Brothers operated from 398 communities in 21 U.S. states, (2) had a backlog of $4.49 billion from 6,533 homes under contract, and (3) offered homes generally priced between $200,000-$2,577,000, with an average base price of $688,000 for single-family homes and $498,000 for attached homes.
1) Micron Technology, Inc. is filing an amendment to their Form 8-K to correct share numbers that were incorrectly reported in an earlier filing.
2) The amendment discloses that the company accelerated the vesting of restricted stock held by their former CFO, W.G. Stover, Jr., who resigned in November 2007 after 20 years with the company.
3) Under the terms of his severance agreement, 26,467 shares were scheduled to vest within a year of his termination, but the company opted to also accelerate the vesting of an additional 19,600 shares held by Mr. Stover given his long tenure.
This document is Abercrombie & Fitch's annual report filed with the SEC on Form 10-K for the fiscal year ending January 29, 2011. It provides an overview of Abercrombie & Fitch's business operations, including that it operates specialty retail stores and direct-to-consumer operations selling casual sportswear apparel, personal care products, and accessories. It also discusses risks to the business, financial results, properties, legal proceedings, executive officers, and incorporates other reports by reference.
The document reports that Micron Technology's Compensation Committee accelerated the vesting of restricted stock held by their former CFO, W.G. Stover Jr., who resigned in November 2007 after 20 years with the company. Under Stover's severance agreement, restrictions on 27,640 shares were to lapse within a year of his resignation, but the Committee accelerated those and an additional 18,427 shares. The form of Stover's severance agreement had been included as an exhibit in Micron's 2007 annual report.
burlington northern santa fe 10K railway 2008finance16
This document is BNSF Railway Company's annual report on Form 10-K for the fiscal year ended December 31, 2008 filed with the SEC. It provides information on BNSF's business operations, legal proceedings, risk factors, financial statements, management's discussion and analysis of financial condition and results of operations, quantitative and qualitative disclosures about market risk, controls and procedures, and other required disclosures. BNSF Railway operates one of the largest freight railroad networks in North America, with approximately 40,000 employees as of December 31, 2008. It faces competition from other rail carriers and transportation providers.
Clear Channel Communications filed an 8-K to announce that it has set a record date of December 18, 2006 for its shareholders to vote on a proposed merger agreement. It also announced that its "go-shop" period to solicit other bids had expired on December 7, 2006 without any competing offers being received. The filing provides information on the special shareholder meeting to consider and vote on the proposed merger and advises that additional information will be filed with the SEC, including a proxy statement for shareholder approval of the transaction.
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Atlas pipelinehos1[1]
1. FORM S−1
Atlas Pipeline Holdings, L.P. − AHD
Filed: January 12, 2006 (period: )
General form of registration statement: Initial statement
2. Table of Contents
PART I
INFORMATION REQUIRED IN PROSPECTUS
SUMMARY
RISK FACTORS
USE OF PROCEEDS
CAPITALIZATION
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
BUSINESS
Properties
MANAGEMENT
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
UNDERWRITING
EXPERTS
INDEX TO FINANCIAL STATEMENTS
Related Party Transactions
Related Party Transactions
PART II
Item 13. Other Expenses of Issuance and Distribution.
Item 14. Indemnification of Officers and Members of Our Board of Directors.
Item 15. Exhibits.
Item 16. Undertakings.
SIGNATURES
EX−23.1 (EXHIBIT 23.1)
EX−23.2 (EXHIBIT 23.2)
3. Click Here for Contents
As filed with the Securities and Exchange Commission on January 12, 2006
Registration No. 333−
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S−1
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Atlas Pipeline Holdings, L.P.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 1311 Applied For
(State or Other Jurisdiction of (Primary Standard Industrial (I.R.S. Employer
Incorporation or Organization) Classification Code Number) Identification Number)
Edward E. Cohen
311 Rouser Road
Moon Township, PA 15108
(412) 262−2830
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
Edward E. Cohen
311 Rouser Road
Moon Township, PA 15108
(412) 262−2830
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)
Copies to:
Alan P. Baden Joshua Davidson
Vinson & Elkins L.L.P. Baker Botts L.L.P.
666 Fifth Avenue 910 Louisiana Street
New York, New York 10103 Houston, Texas 77002
(212) 237−0000 (713) 229−1234
Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933,
check the following box.
If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.
If this form is a post−effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.
If this form is a post−effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement for the same offering.
If delivery of the prospectus is expected to be made pursuant to Rule 434, please check the following box.
CALCULATION OF REGISTRATION FEE
Title Of Each Class Of Proposed Maximum Aggregate Amount of
Securities To Be Registered Offering Price (1)(2) Registration Fee
Common units representing limited partner interests $ 103,500,000 $ 11,074.50
(1) Includes common units issuable upon exercise of the underwriters'optionto acquire additional common units.
(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o).
The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a)
of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
4. pursuant to said Section 8(a), may determine.
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
5. Back to Contents
The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not
permitted.
Subject to Completion, dated January 12, 2006
PROSPECTUS
ATLAS PIPELINE HOLDINGS, L.P.
3,600,000 Common Units
Representing Limited Partner Interests
This is the initial public offering of our common units. We own a 2.0% general partner interest, all the incentive distribution rights and an approximate 12.8%
limited partner interest in Atlas Pipeline Partners, L.P., a midstream energy services provider engaged in the transmission, gathering and processing of natural
gas.
Before this offering, there has been no public market for our common units. We intend to apply to list the common units on the New York Stock Exchange under
the symbol “ .” We expect the initial public offering price to be between $ and $ per unit.
We will use substantially all of the net proceeds from this offering to make a cash distribution to our existing unitholders. Please read “Use of Proceeds.”
Investing in our common units involves risks. Please read “Risk factors” beginning on page 22.
These risks include the following:
• Our only cash generating assets are our interests in Atlas Pipeline Partners, L.P., and our cash flow is therefore completely dependent upon the ability
of Atlas Pipeline Partners, L.P. to make distributions to its partners.
• You will experience immediate and substantial dilution of $24.63 per common unit in the pro forma net tangible book value of your common units.
• If we or Atlas Pipeline Partners, L.P. were treated as a corporation for federal income tax purposes, or if we or Atlas were to become subject to
entity−level taxation for federal or state income tax purposes, then our cash available for distribution to you would be substantially reduced.
• Our unitholders do not elect our general partner or vote on our general partner’s officers or directors, and the rights of unitholders owning 20% or more
of our units are further restricted under our partnership agreement. Following the completion of this offering, Atlas America, Inc. will own
approximately 82.9% of our common units, a sufficient number to prevent removal of our general partner without its consent.
• The fiduciary duties of our general partner’s officers and directors may conflict with those of Atlas Pipeline Partners GP, LLC, which is the general
partner of Atlas Pipeline Partners, L.P.
• You may be required to pay taxes on income from us even if you do not receive any cash distributions from us.
Per Common Unit Total
Initial public offering price
(1)
$ $
Underwriting discount $ $
Proceeds to us, before expenses $ $
(1) Excludes structuring fee payable to Lehman Brothers Inc. of .
We have granted the underwriters a 30−day option to purchase up to an additional 540,000 common units from us on the same terms and conditions as set forth
above if the underwriters sell more than 3,600,000 common units in this offering.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the
adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Lehman Brothers, on behalf of the underwriters, expects to deliver the common units on or about , 2006.
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
7. We own and control Atlas Pipeline Partners GP, LLC, the general partner of Atlas Pipeline Partners, L.P. (NYSE: APL), through which we own certain general
partner interests, all the incentive distribution rights and 1,641,026 common units of Atlas Pipeline Partners, L.P., representing an approximate 12.8% limited
partner interest. We do not have any other assets. The map below identifies Atlas Pipeline Partners, L.P.’s operations and their location.
Atlas Pipeline Partners, L.P. Operations
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
8. Back to Contents
TABLE OF CONTENTS
SUMMARY 1
Atlas Pipeline Holdings, L.P. 1
The Offering 6
Atlas Pipeline Partners, L.P. 8
Atlas’ Principal Executive Offices and Internet Address 10
Comparison of Rights of Holders of Our Common Units and Atlas’ Common Units 11
Summary of Risk Factors 13
Summary of Conflicts of Interest and Fiduciary Responsibilities 15
Summary Historical Consolidated and Pro Forma Financial Data 16
RISK FACTORS 22
Risks Inherent in an Investment in Us 22
Risks Related to Conflicts of Interest 31
Risks Relating to Atlas’ Business 34
Tax Risks to Common Unitholders 42
USE OF PROCEEDS 45
CAPITALIZATION 46
DILUTION 47
CASH DISTRIBUTION POLICY AND RESTRICTIONS ON DISTRIBUTIONS 48
General 48
Our Initial Distribution Rate 50
Estimated Cash Available for Distributions 56
Assumptions and Considerations 59
Our Sources of Distributable Cash 61
SELECTED HISTORICAL AND OPERATING DATA 64
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 68
Overview 68
Atlas Pipeline Partners, L.P. 69
Overview of Atlas’ Operations 69
Significant Acquisitions 70
Contractual Revenue Agreements 70
Results of Our Operations 71
Liquidity and Capital Resources 74
Atlas Partnership Distributions 76
Contractual Obligations and Commercial Commitments 77
Atlas’ Equity Offerings 77
Atlas’ Shelf Registration Statement 78
Atlas’ Credit Facility 78
NOARK Notes 79
Significant Announced Internal Growth Project 79
Environmental Regulation 79
Inflation and Changes in Prices 80
Critical Accounting Policies and Estimates 80
Quantitative and Qualitative Disclosures About Market Risk 84
BUSINESS 87
Atlas Pipeline Holdings, L.P. 87
Atlas Pipeline Partners, L.P. 90
Overview 90
Recent Acquisitions 91
Business Strategy 92
Competitive Strengths 93
The Midstream Natural Gas Gathering, Processing and Transmission Industry 94
Mid−Continent Operations 95
Appalachian Basin Operations 99
Relationship with Atlas America 100
Competition 103
Contracts and Customer Relationships 104
Regulation 104
Environmental Matters 106
Employees 109
Properties 109
Legal Proceedings 110
MANAGEMENT 111
Atlas Pipeline Holdings, L.P. 111
Board Committees 112
Election of Our Directors 113
Governance Matters 113
Compensation of Directors 114
Atlas Pipeline Holdings Long−Term Incentive Plan 114
Compensation Committee Interlocks and Insider Participation 115
Atlas Pipeline Partners, L.P. 116
Executive Officer Compensation 117
Long−Term Incentive Plan 118
Compensation of Managing Board Members 118
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 119
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 120
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
9. Our Relationship with Atlas Pipeline Partners, L.P. 120
The Contribution Agreement 120
Registration Rights 120
i
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
10. Back to Contents
Indemnification of Directors and Officers 120
Related Party Transactions Involving Atlas 121
CONFLICTS OF INTEREST AND FIDUCIARY DUTIES 122
Conflicts of Interest 122
Fiduciary Duties 124
DESCRIPTION OF THE COMMON UNITS 127
The Units 127
Transfer Agent and Registrar 127
Transfer of Common Units 127
THE PARTNERSHIP AGREEMENT OF ATLAS PIPELINE HOLDINGS, L.P. 129
Organization and Duration 129
Purpose 129
Power of Attorney 129
Capital Contributions 129
Limited Liability 129
Voting Rights 130
Issuance of Additional Securities 131
Amendments to Our Partnership Agreement 131
Prohibited Amendments 132
No Unitholder Approval 132
Opinion of Counsel and Unitholder Approval 133
Merger, Sale or Other Disposition of Assets 133
Termination or Dissolution 133
Liquidation and Distribution of Proceeds 134
Withdrawal or Removal of Our General Partner 134
Transfer of General Partner Interest 135
Transfer of Ownership Interests in Our General Partner 135
Change of Management Provisions 135
Limited Call Right 135
Meetings; Voting 136
Status as Limited Partner 136
Non−Citizen Assignees; Redemption 136
Indemnification 137
Reimbursement of Expenses 137
Books and Reports 137
Right to Inspect Our Books and Records 138
Registration Rights 138
THE PARTNERSHIP AGREEMENT OF ATLAS PIPELINE PARTNERS, L.P. 139
Organization and Duration 139
Purpose 139
The Units 139
Limited Voting Rights 139
Cash Distribution Policy 139
Power of Attorney 143
Capital Contributions 144
Limited Liability 144
Transfer Agent and Registrar 144
Transfer of Common Units 145
Issuance of Additional Securities 146
Amendment of Atlas’ Partnership Agreement 146
Merger, Sale or Other Disposition of Assets of Atlas 148
Termination and Dissolution 148
Liquidation and Distribution of Proceeds 148
Withdrawal or Removal of Atlas’ General Partner 148
Transfer of General Partner Interest And Incentive Distribution Rights 150
Change of Management Provisions 150
Limited Call Right 150
Meetings; Voting 150
Status as Limited Partner or Assignee 151
Non−Citizen Assignees; Redemption 151
Indemnification 151
Books and Reports 152
Right to Inspect Our Books and Records 152
Registration Rights 153
UNITS ELIGIBLE FOR FUTURE SALE 154
MATERIAL TAX CONSEQUENCES 155
Partnership Status 155
Limited Partner Status 156
Tax Consequences of Unit Ownership 157
Tax Treatment of Operations 162
Disposition of Common Units 163
Uniformity of Units 165
Tax−Exempt Organizations and Other Investors 166
Administrative Matters 166
State, Local, Foreign and Other Tax Considerations 168
INVESTMENT IN ATLAS PIPELINE HOLDINGS, L.P. BY EMPLOYEE BENEFIT PLANS 170
UNDERWRITING 171
Commissions and Expenses 171
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
11. Option to Purchase Additional Common Units 171
Lock−Up Agreements 172
Offering Price Determination 172
Indemnification 172
Directed Unit Program 172
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
12. Back to Contents
Stabilization, Short Positions and Penalty Bids 173
Electronic Distribution 173
NYSE 174
Discretionary Sales 174
Stamp Taxes 174
Relationships 174
VALIDITY OF THE COMMON UNITS 175
EXPERTS 175
WHERE YOU CAN FIND MORE INFORMATION 175
FORWARD−LOOKING STATEMENTS 175
INDEX TO FINANCIAL STATEMENTS F−1
APPENDIX A — AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ATLAS PIPELINE HOLDINGS, L.P. A−1
Until , 2006 (the 25th day after the date of this prospectus), all dealers that effect transactions in the securities, whether or not participating in this
offering, may be required to deliver a prospectus. This is in addition to the dealers’ obligation to deliver a prospectus when acting as underwriters and with
respect to their unsold allotments or subscriptions.
You should rely only on the information contained in this prospectus. We have not, and the underwriters have not, authorized anyone to provide you
with different information from that contained in this prospectus. If anyone provides you with different or inconsistent information, you should not rely
on it. We are not, and the underwriters are not, offering to sell our common units or seeking offers to buy our common units in any jurisdiction where
offers or sales are not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of
delivery of this prospectus or any sale of the common units offered hereby.
iii
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
13. Back to Contents
SUMMARY
This summary may not contain all of the information that is important to you. You should read this entire prospectus carefully, including the historical
consolidated financial statements and pro forma financial statements and the notes to those financial statements. Furthermore, you should carefully read
“Summary of Risk Factors” and “Risk Factors” for more information about important risks that you should consider before making a decision to purchase our
common units.
Except as otherwise indicated, the information presented in this prospectus assumes (1) an initial public offering price of $24.00 per common unit and (2) that
the underwriters do not exercise their option to purchase additional common units. All references in this prospectus to “we,” “our,” “us” or like terms refer to
Atlas Pipeline Holdings, L.P., and unless the context requires otherwise, to Atlas Pipeline Partners GP, LLC, the general partner of Atlas Pipeline Partners, L.P.
All references in this prospectus to “Atlas Pipeline GP” refer to Atlas Pipeline Partners GP, LLC. All references in this prospectus to “Atlas” refer to Atlas
Pipeline Partners, L.P. and its wholly−owned subsidiaries. All references in this prospectus to “Atlas America” refer to Atlas America, Inc. and its
wholly−owned subsidiaries, excluding Atlas Pipeline Holdings, L.P. and any of its wholly−owned subsidiaries. All references to our “partnership agreement”
refer to the Amended and Restated Agreement of Limited Partnership of Atlas Pipeline Holdings, L.P. to be adopted contemporaneously with the closing of this
offering.
Atlas Pipeline Holdings, L.P.
Our cash generating assets consist of our interests in Atlas Pipeline Partners, L.P. (NYSE: APL), a publicly traded Delaware limited partnership. Atlas is a
midstream energy service provider engaged in the transmission, gathering and processing of natural gas in the Mid−Continent and Appalachian regions. Our
interests in Atlas will initially consist of a 100% ownership interest in the general partner of Atlas, Atlas Pipeline Partners GP, LLC, which owns:
• a 2.0% general partner interest in Atlas, which entitles it to receive 2.0% of the cash distributed by Atlas;
• all of the incentive distribution rights in Atlas, which entitle it to receive increasing percentages, up to a maximum of 48.0%, of any cash distributed by
Atlas as it reaches certain target distribution levels in excess of $0.42 per Atlas unit in any quarter; and
• 1,641,026 common units of Atlas, representing an approximate 12.8% limited partner interest in Atlas.
At Atlas’ current quarterly distribution rate of $0.83 per common unit, aggregate quarterly cash distributions to us on all our interests in Atlas would be
approximately $5.0 million. Based on this distribution, we expect that our initial quarterly distribution will be $0.225 per unit, or $0.90 per unit on an annualized
basis.
Our primary objective is to increase our cash distributions to our unitholders through growth at Atlas. Atlas has grown both through strategic acquisitions and
internal growth projects. Since Atlas’ initial public offering in January 2000, it has completed five acquisitions at an aggregate cost of approximately $516.7
million. Atlas’ business strategy is to create capital−efficient growth in distributable cash flow to maximize its distribution to its unitholders by, among other
things, (1) maximizing cash flows from its existing businesses through marketing of its services and facilities and controlling its operating costs; (2) continuing to
increase the amount of its operating cash flow generated by long−term, fee−based contracts; (3) expanding its existing businesses through internal growth
opportunities; (4) expanding its operations through strategic acquisitions; and (5) maintaining a flexible capital structure based on a strong balance sheet by
financing its growth through a balanced combination of debt and equity.
1
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
14. Back to Contents
We intend to support Atlas in implementing its business strategy by assisting it in identifying, evaluating, and pursuing growth opportunities. In the future, we
may also support the growth of Atlas through the use of our capital resources, which could involve loans or capital contributions to Atlas to provide funding for
the acquisition of a business or asset or for an internal growth project. We may also provide Atlas with other forms of credit support, such as guarantees related to
financing a project or other types of support related to a merger or acquisition transaction.
Atlas is required by its partnership agreement to distribute all of its cash on hand at the end of each quarter, less reserves established by its general partner in its
sole discretion to provide for the proper conduct of Atlas’ business or to provide for future distributions. Since January 1, 2003, Atlas has increased the per unit
quarterly cash distribution on its common units by approximately 48%, from the quarterly distribution of $0.56 per unit to $0.83 per unit declared for the fourth
quarter of 2005. The following graph shows, for the period from the first quarter of 2003 through the fourth quarter of 2005: (i) Atlas’ quarterly distributions per
unit and (ii) total distributions by Atlas to us.
While we, like Atlas, are structured as a limited partnership, our capital structure and cash distribution policy differ materially from those of Atlas. Most notably,
our general partner does not have an economic interest in us and is not entitled to receive any distributions from us, and our capital structure does not include
incentive distribution rights. Therefore, all of our distributions are made on our common units, which is our only class of security outstanding.
Our ownership of Atlas’ incentive distribution rights entitles us to receive an increasing percentage of cash distributed by Atlas as it reaches certain target
distribution levels. The rights entitle us to receive the following:
• 13.0% of all cash distributed in a quarter after each Atlas unit has received $0.42 for that quarter;
• 23.0% of all cash distributed after each Atlas unit has received $0.52 for that quarter; and
• 48.0% of all cash distributed after each Atlas unit has received $0.60 for that quarter.
For the quarter ended December 31, 2005, Atlas declared a distribution of $0.83 per unit, which means we will receive 48.0% of the $0.23 incremental cash
distribution per unit in excess of the
2
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
15. Back to Contents
maximum target distribution level of $0.60 per unit. Because the incentive distribution rights currently participate at the maximum 48.0% target cash distribution
level, future growth in distributions we receive from Atlas will not result from an increase in the target cash distribution level associated with the incentive
distribution rights.
The graph set forth below demonstrates hypothetical cash distributions payable in respect of our interests in Atlas by showing the total cash allocated to us across
an illustrative range of annualized cash distributions per unit made by Atlas. The graph illustrates the impact to us of Atlas’ raising or lowering its distribution
from the most recently declared distribution of $0.83 per common unit ($3.32 on an annualized basis), which will be paid on February 14, 2006. This information
assumes:
• Atlas has 12,549,266 total units outstanding, representing the number of units outstanding at December 31, 2005; and
• through Atlas Pipeline GP, we own (i) 1,641,026 Atlas common units, representing an approximate 12.8% limited partner interest in Atlas, (ii) a 2.0%
general partner interest in Atlas and (iii) all the incentive distribution rights in Atlas.
This information is presented for illustrative purposes only and is not intended to be a prediction of future performance and does not attempt to illustrate the
impact of changes in our or Atlas’ business, including changes that may result from changes in natural gas, NGL and condensate prices, changes in economic
conditions, the impact of any future acquisitions or expansion projects or the issuance of additional units by Atlas. In addition, the level of cash distributions we
receive may be affected by the various risks associated with an investment in us and the underlying business of Atlas. Please read “Risk Factors.”
We intend to pay to our unitholders, on a quarterly basis, distributions equal to the cash we receive from Atlas, less certain reserves for expenses and other uses
of cash, including:
• our general and administrative expenses, including expenses we will incur as the result of being a public company;
• capital contributions to maintain or increase our ownership interest in Atlas; and
• reserves our general partner believes prudent to maintain for the proper conduct of our business or to provide for future distributions.
3
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
16. Back to Contents
Based on Atlas’ current quarterly distribution, the number of our units outstanding and our expected level of expenses and reserves that our general partner
believes prudent to maintain, we expect that our initial quarterly distribution will be $0.225 per common unit, or $0.90 per unit on an annualized basis. Due to
our ownership of Atlas’ incentive distribution rights, our cash flows are impacted by changes in Atlas’ distributions to a greater extent than those of Atlas’
common unitholders.
If Atlas is successful in implementing its business strategy and increasing distributions to its unitholders, we would generally expect to increase distributions to
our unitholders, although the timing and amount of any such increased distributions will not necessarily be comparable to the increased Atlas distributions.
However, we cannot assure you that any distributions will be declared or paid. Please read “Cash Distribution Policy and Restrictions on Distributions.”
Executive Offices
Our principal executive offices are located at 311 Rouser Road, Moon Township, Pennsylvania 15108, and our phone number is (412) 262−2830. Our website is
located at www.atlaspipelineholdings.com. Information on our website is not incorporated by reference into this prospectus and does not constitute a part of this
prospectus.
Our Limited Partnership Structure and Management
We were formed in December 2005, as a Delaware limited partnership. The chart on the following page depicts our organization and ownership upon completion
of this offering, at which time:
• our general partner will own a non−economic general partner interest in us;
• our public unitholders will own 3,600,000 of our common units, representing an approximate 17.1% limited partner interest in us;
• our current owner, Atlas America, will own 17,500,000 of our common units, representing an approximate 82.9% limited partner interest in us; and
• we will continue to own indirectly, through our ownership of Atlas Pipeline Partners GP, LLC, 1,641,026 Atlas common units representing an
approximate 12.8% limited partner interest in Atlas, the 2.0% general partner interest in Atlas and all the incentive distribution rights in Atlas.
Our general partner, Atlas Pipeline Holdings GP, LLC, will manage our operations and activities, including, among other things, establishing the quarterly cash
distribution levels for our common units and reserves it believes prudent to maintain for the proper conduct of our business or to provide for future distributions.
Our general partner is entitled to reimbursement for out−of−pocket expenses it incurs on our behalf, but it is not entitled to any other compensation, fees, profits
or other benefits for acting in its capacity as our general partner. All of our executive officers and a majority of the directors of our general partner also serve as
executive officers and directors of the general partner of Atlas. Atlas America will own all the membership interests in our general partner.
4
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Atlas Pipeline Holdings, L.P.’s Ownership and
Organizational Chart
After This Offering
Aggregate ownership of Atlas Pipeline Holdings, L.P. after this offering:
Common Units:
Public Unitholders 17.1%
Atlas America, Inc. 82.9%
Total 100.0%
5
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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The Offering
Common units offered to the public 3,600,000 common units.
4,140,000 common units, if the underwriters exercise their option to purchase additional common
units in full.
Common units outstanding after
this offering 21,100,000 common units.
Use of proceeds We expect to receive net proceeds of approximately $79.2 million from the sale of the common
units, after deducting underwriting discounts and commissions and estimated offering expenses
payable by us. Substantially all of the net proceeds from this offering will be distributed to Atlas
America.
The net proceeds from any exercise of the underwriters’ option to purchase additional common
units will be used to fund the redemption of an equal number of common units from Atlas
America. Please read “Use of Proceeds.”
Cash distributions We expect to make an initial quarterly distribution of $0.225 per common unit to the extent we
have sufficient cash from operations after establishment of cash reserves and payment of fees and
expenses. Please read “Cash Distribution Policy and Restrictions on Distributions.” We do not
have any subordinated units and our general partner is not entitled to any distributions. Please read
“Description of the Common Units” and “The Partnership Agreement of Atlas Pipeline Holdings,
L.P.”
We expect to pay you a prorated distribution for the first quarter during which we are a publicly
traded partnership. Assuming that we become a publicly traded partnership before March 31,
2006, we will pay you a prorated distribution for the period from the first day our common units
are publicly traded to and including March 31, 2006. We expect to pay this cash distribution in
May 2006.
The amount of pro forma available cash generated during the twelve months ended December 31,
2004 and the twelve months ended September 30, 2005 would have been insufficient by
approximately $21.4 million and $10.0 million, respectively, to pay the full initial distribution
amount on all our common units during those periods. Please read “Cash Distribution Policy and
Restrictions on Distributions.” We believe that we will have sufficient cash available for
distribution to pay the distributions at the initial distribution rate of $0.225 per unit on all the
outstanding common units for each quarter for the year ending December 31, 2006. See “Cash
Distribution Policy and Restrictions on Distributions—Assumptions and Considerations” for the
specific assumptions underlying this belief.
6
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
19. Back to Contents
Limited voting rights Our general partner will manage and operate us. Unlike the holders of common stock in a
corporation, you will have only limited voting rights on matters affecting our business. You will
have no right to elect our general partner or its directors. Our general partner may not be removed
except by a vote of the holders of at least 66 2/3% of the outstanding units, including any units
owned by our affiliates, voting together as a single class. Atlas America will own an aggregate of
approximately 82.9% of our common units. This will give Atlas America the ability to prevent our
general partner’s involuntary removal. Please read “The Partnership Agreement of Atlas Pipeline
Holdings, L.P.—Withdrawal or Removal of Our General Partner.”
Limited call right If at any time our affiliates own more than 87.5% of our outstanding common units, our general
partner has the right, but not the obligation, to purchase all of the remaining common units at a
price not less than the then current market price of the common units. At the completion of this
offering, Atlas America will own approximately 82.9% of our common units.
Estimated ratio of taxable income We estimate that if you own the common units you purchase in this offering through the record
to distributions date for distributions for the period ending , you will be allocated, on a cumulative basis, an
amount of federal taxable income for that period that will be less than % of the cash distributed
to you with respect to that cumulative period. For example, if you receive an annual distribution of
$0.90 per unit, we estimate that your average allocable federal taxable income per year will be no
more than $ per unit. This estimate is based on assumptions with respect to our operations,
gross income, capital expenditures, cash flow and anticipated distributions. Our ratio of taxable
income to cash distributions will be much greater than the ratio applicable to the holders of
common units in Atlas because remedial allocations of deductions to us from Atlas will be very
limited and our ownership of incentive distribution rights will cause more taxable income to be
allocated to us from Atlas. Further, if Atlas is successful in increasing its distributions over time,
our ratio of taxable income to cash distributions will increase. For the basis of this estimate, please
read “Material Tax Consequences—Tax Consequences of Unit Ownership—Ratio of Taxable
Income to Distributions.”
Exchange listing We will apply to list the common units on the New York Stock Exchange under the symbol “ .”
7
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Atlas Pipeline Partners, L.P.
Atlas is a publicly−traded midstream energy services provider engaged in the transmission, gathering and processing of natural gas. Atlas conducts its business
through two operating segments: its Mid−Continent operations and its Appalachian operations.
Through its Mid−Continent operations, Atlas owns and operates:
• a 75% interest in a FERC−regulated, 565−mile interstate pipeline system, which we refer to as Ozark Gas Transmission, that extends from southeastern
Oklahoma through Arkansas and into southeastern Missouri and which has throughput capacity of approximately 322 MMcf/d;
• two natural gas processing plants with aggregate capacity of approximately 230 MMcf/d and one treating facility with a capacity of approximately 200
MMcf/d, all located in Oklahoma; and
• 1,765 miles of active natural gas gathering systems located in Oklahoma, Arkansas, northern Texas and the Texas panhandle, which transport gas from
wells and central delivery points in the Mid−Continent region to Atlas’ natural gas processing plants or Ozark Gas Transmission.
Through its Appalachian operations, Atlas owns and operates 1,500 miles of active natural gas gathering systems located in eastern Ohio, western New York and
western Pennsylvania. Through an omnibus agreement and other agreements between Atlas and Atlas America, the parent of Atlas’ general partner and our
general partner and a leading sponsor of natural gas drilling investment partnerships in the Appalachian Basin, Atlas gathers substantially all of the natural gas
for its Appalachian Basin operations from wells operated by Atlas America. Among other things, the omnibus agreement requires Atlas America to connect wells
it operates to Atlas’ gathering systems that are located within 2,500 feet of Atlas’ gathering systems. Atlas is also party to natural gas gathering agreements with
Atlas America under which Atlas receives gathering fees generally equal to a percentage, typically 16%, of the selling price of the natural gas it transports. These
agreements are continuing obligations and have no specified term except that they will terminate if Atlas’ general partner is removed without cause.
Since Atlas’ initial public offering in January 2000, Atlas has completed five acquisitions at an aggregate cost of approximately $516.7 million, including, most
recently, the October 2005 acquisition of Atlas Arkansas Pipeline LLC, which we refer to as Atlas Arkansas and which owns a 75% interest in NOARK Pipeline
System, Limited Partnership, which we refer to as NOARK, and the April 2005 acquisition of ETC Oklahoma Pipeline, Ltd, which we refer to as Elk City.
Both Atlas’ Mid−Continent and Appalachian operations are located in areas of abundant and long−lived natural gas production and significant new drilling
activity. The Ozark Gas Transmission system and Atlas’ gathering systems are connected to approximately 6,250 central delivery points or wells, giving Atlas
significant scale in its service areas. Atlas provides gathering and processing services to the wells connected to its systems, primarily under long−term contracts.
Atlas provides fee−based, FERC−regulated transmission services through Ozark Gas Transmission under both long−term and short−term contractual
arrangements. Atlas intends to increase the portion of the transmission services provided under long−term contracts. As a result of the location and capacity of
the Ozark Gas Transmission system and Atlas’ gathering and processing assets, Atlas believes it is strategically positioned to capitalize on the significant
increase in drilling activity in its service areas and the positive price differential across Ozark Gas Transmission, also known as basis spread. Atlas intends to
continue to expand its business through strategic acquisitions and internal growth projects, including its plan to construct the Sweetwater gas plant, that increase
distributable cash flow per unit.
On October 31, 2005, Atlas acquired from Enogex, Inc., a wholly−owned subsidiary of OGE Energy Corp. (NYSE: OGE), which we refer to as Enogex, all of
the outstanding equity of Atlas Arkansas for $165.3 million, including estimated related transaction costs, plus $10.2 million for working capital adjustments.
Atlas Arkansas owns a 75% interest in NOARK, with the remaining 25%
8
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
21. Back to Contents
interest being owned by Southwestern Energy Pipeline Company, which we refer to as Southwestern, a wholly−owned subsidiary of Southwestern Energy
Company (NYSE: SWN). The NOARK acquisition further expands Atlas’ activities in the Mid−Continent region and provides an additional source of fee−based
cash flows from a FERC−regulated interstate pipeline system and an intrastate gas gathering system. NOARK’s geographic position relative to Atlas’ other
businesses and interconnections with major interstate pipelines also provides it with internal growth opportunities. NOARK’s principal assets include:
• The Ozark Gas Transmission system, a 565−mile FERC−regulated interstate pipeline system which extends from southeast Oklahoma through
Arkansas and into southeast Missouri and has a throughput capacity of approximately 322 MMcf/d. The system includes approximately 30 supply and
delivery interconnections and two compressor stations.
• A 365−mile intrastate natural gas gathering system, which we refer to as Ozark Gas Gathering, located in eastern Oklahoma and western Arkansas, and
11 associated compressor stations.
Ozark Gas Transmission transports natural gas from receipt points in eastern Oklahoma and western Arkansas to interstate pipelines in northeastern and central
Arkansas and to local distribution companies in Arkansas and Missouri. Ozark Gas Gathering gathers natural gas supplies in eastern Oklahoma and western
Arkansas which are then transported through Ozark Gas Transmission. Ozark Gas Transmission’s revenue is comprised of FERC−regulated transmission fees
that are based on firm transportation rates and, to the extent capacity is available following the reservation of firm system capacity, interruptible transportation
rates. The Ozark transmission and gathering systems gathered and transported an average of 163.9 MMcf/d during the nine months ended September 30, 2005,
and 207.2 MMcf/d during October 2005.
The NOARK acquisition increases Atlas’ size and presence in the Mid−Continent region, including extending its operations east into the Arkoma Basin where
the Fayetteville Shale Play is located. The Mid−Continent region, one of the most prolific natural gas−producing regions in North America, has recently
experienced a significant increase in oil and gas drilling activity driven by long−term projections of continued growth in U.S. natural gas demand and the
application of new drilling and production technologies. Atlas believes that the increased drilling activity in the Mid−Continent area, combined with the positive
basis spread across Ozark Gas Transmission, will result in increasing volumes gathered and transported on the Ozark Gas Gathering and Ozark Gas Transmission
systems.
Atlas recently completed three new gathering and compression projects in Elk City which have increased, and we believe will continue to increase, gathered
volumes and total gross margin. Atlas also plans to complete construction of a new natural gas processing facility in Oklahoma near its Prentiss treating facility
in the third quarter of 2006, which we refer to as the Sweetwater gas plant. The new plant will be scaled to 120 MMcf/d of processing capacity. Along with the
Sweetwater gas plant, Atlas will construct a gathering system to be located primarily in western Oklahoma and in the Texas panhandle, more specifically,
Beckham and Roger Mills counties in Oklahoma and Hemphill County, Texas. Atlas is currently gathering approximately 30 MMcf/d of natural gas in the Elk
City area for which it earns gathering fees but does not earn processing fees due to the fact that the Elk City plant is currently processing at maximum capacity
and is unable to process those volumes. As Atlas completes construction of the Sweetwater gas plant and gathering system, it expects to increase the volumes it
gathers in the Elk City area and to process those volumes at the Sweetwater gas plant, thereby enabling it to earn incremental gathering and processing fees. Atlas
anticipates that construction of the Sweetwater gas plant and associated gathering system will cost approximately $40.0 million and will generate cash flow of
$8.0 million to $10.0 million annually.
9
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
22. Back to Contents
Atlas’ Principal Executive Offices and Internet Address
Atlas’ principal executive offices are located at 311 Rouser Road, Moon Township, Pennsylvania 15108, and its phone number is (412) 262−2830. Atlas
maintains a website at www.atlaspipelinepartners.com that provides information about its business and operations. Information contained on this website,
however, is not incorporated into or otherwise a part of this prospectus. Atlas also files annual, quarterly and current reports and other information with the
Securities and Exchange Commission, or Commission. Atlas’ Commission filings are available to the public at the Commission’s website at www.sec.gov. You
may also read and copy any document Atlas files at the Commission’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain
information on the operation of the Commission’s public reference room by calling the Commission at 1−800−SEC−0330.
10
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Comparison of Rights of Holders of Our Common Units and Atlas’ Common Units
Our common units and Atlas’ common units are unlikely to trade in simple relation or proportion to one another. Instead, while the trading prices of our common
units and Atlas’ common units are likely to follow generally similar broad trends, the trading prices may diverge because, among other things:
• with respect to its distributions, Atlas’ common unitholders have a priority over our incentive distribution rights in Atlas;
• we participate in Atlas’ general partner’s distributions and the incentive distribution rights, and Atlas’ common unitholders do not; and
• we may in the future enter into other businesses separate from Atlas.
The following table compares certain features of Atlas’ common units and our common units.
Atlas’ Common Units Our Common Units
Distributions and Incentive Distribution Rights Atlas has historically made We intend to pay our
quarterly distributions to its unitholders quarterly
partners of its cash, less certain distributions equal to the cash
reserves for expenses and other we receive from our Atlas
uses of cash, including distributions, less certain
reimbursement of expenses reserves for expenses and other
owed to its general partner. For uses of cash. Our general
a more detailed discussion, partner is not entitled to any
please read “The Partnership distributions. Therefore, our
Agreement of Atlas Pipeline distributions are allocated
Partners, L.P.—Cash exclusively to our common
Distribution Policy.” Atlas’ unitholders.
general partner owns the
incentive distribution rights in
Atlas.
Taxation of Entity and Entity Owners Atlas is a flow−through entity Similarly, we are a
that is not subject to an flow−through entity that is not
entity−level federal income tax. subject to an entity−level
federal income tax.
Atlas expects that holders of its We also expect that holders of
common units will benefit for a our common units will benefit
period of time from tax basis for a period of time from tax
adjustments and remedial basis adjustments and remedial
allocations of deductions. allocations of deductions as a
result of our ownership of
common units of Atlas.
However, incentive distribution
rights do not benefit from such
adjustments and allocations.
Therefore, we expect the ratio
of our taxable income to the
distributions you will receive to
be higher than the ratio of
taxable income to the
distributions received by the
common unitholders of Atlas.
Moreover, if Atlas is successful
in increasing its distributable
cash flow over time, we expect
the ratio of our taxable income
to distributions will increase.
11
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
24. Back to Contents
Atlas’ Common Units Our Common Units
Atlas’ common unitholders will Our common unitholders also
receive Schedule K−1s from will receive Schedule K−1s
Atlas reflecting the unitholders’ from us reflecting the
share of Atlas’ items of income, unitholders’ share of our items
gain, loss and deduction at the of income, gain, loss and
end of each fiscal year. deduction at the end of each
fiscal year.
Sources of Cash Flow Atlas currently generates its Our only cash−generating
cash flow from its natural gas assets consist of our interests in
transmission, gathering and Atlas, and we currently have no
processing operations. independent operations.
Accordingly, our financial
performance and our ability to
pay cash distributions to our
unitholders is currently
completely dependent upon the
performance of Atlas.
Limitation on Issuance of Additional Units Atlas may issue an unlimited We also may issue an unlimited
number of additional number of additional
partnership interests and other partnership interests and other
equity securities without equity securities without
obtaining unitholder approval. obtaining unitholder approval.
12
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Summary of Risk Factors
An investment in our common units involves risks associated with us and Atlas as well as tax characteristics associated with interests in publicly traded
partnerships. You should consider carefully all the risk factors together with all of the other information included in this prospectus before you invest in our units.
The risks related to an investment in us, conflicts of interest, Atlas’ business and tax consequences to our unitholders are described under the caption “Risk
Factors.” These risks include, but are not limited to, those described below:
Risks Inherent in An Investment in Us
• Our only cash generating assets are our interests in Atlas and our cash flow is therefore completely dependent upon the ability of Atlas to make
distributions to its partners.
• Restrictions in Atlas’ credit facility and our proposed credit facility could limit our ability to make distributions to our unitholders.
• In the future, we may not have sufficient cash to pay distributions at our estimated initial quarterly distribution level or to increase distributions.
• We are largely dependent on Atlas for our growth. As a result of the fiduciary obligations of Atlas’ general partner, which is our wholly owned
subsidiary, to the unitholders of Atlas, our ability to pursue business opportunities independently will be limited.
• Our ability to sell our partnership interests in Atlas may be limited by securities laws restrictions and liquidity constraints.
• The market price of our common units could be adversely affected by sales of substantial amounts of our common units in the public markets, including
sales by our existing unitholders.
• Our unitholders do not elect our general partner or vote on our general partner’s officers or directors, and the rights of our unitholders owning 20% or
more of our units are further restricted under our partnership agreement. Following the completion of this offering, Atlas America will own
approximately 82.9% of our units, a sufficient number to block any attempt to remove our general partner.
• Atlas may issue additional common units, which may increase the risk of it not having sufficient available cash to maintain or increase its per unit
distribution level.
• You will experience immediate and substantial dilution of $24.63 per common unit in the pro forma net tangible book value of your common units.
Risks Related to Conflicts of Interest
• Although we control Atlas through our ownership of its general partner, Atlas’ general partner owes fiduciary duties to Atlas and Atlas’ unitholders,
which may conflict with our interests.
• The fiduciary duties of our general partner’s officers and directors may conflict with those of Atlas’ general partner’s officers and directors.
• Potential conflicts of interest may arise among our general partner, its affiliates and us. Our general partner and its affiliates have limited fiduciary
duties to us and our unitholders, which may permit them to favor their own interests to the detriment of us and our unitholders.
13
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
26. Back to Contents
Risks Related to Atlas’ Business
• Atlas may be unsuccessful in integrating the operations from its recent acquisitions or any future acquisitions with its operations or in realizing all of
the anticipated benefits of these acquisitions.
• The amount of natural gas Atlas transports, treats or processes will decline over time unless Atlas is able to attract new wells to connect to its gathering
systems.
• The success of Atlas’ Appalachian operations depends upon Atlas America’s ability to drill and complete commercial producing wells.
• The failure of Atlas America to perform its obligations under Atlas’ natural gas gathering agreements may adversely affect Atlas’ business.
• The success of Atlas’ Mid−Continent operations depends upon its ability to continually find and contract for new sources of natural gas supply from
unrelated third parties.
• Atlas’ Mid−Continent operations currently depend on certain key producers for their supply of natural gas, and the loss of any of these key producers
could reduce Atlas’ revenue.
• The curtailment of operations at, or closure of, either of Atlas’ primary plants could harm its business.
Tax Risks to Our Common Unitholders
• If we or Atlas were treated as a corporation for federal income tax purposes, or if we or Atlas were to become subject to entity−level taxation for state
tax purposes, then our cash available for distribution to you would be substantially reduced.
• A successful IRS contest of the federal income tax positions we or Atlas take may adversely affect the market for our common units or Atlas’ units, and
the costs of any contest will reduce cash available for distribution to our unitholders.
14
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Summary of Conflicts of Interest and Fiduciary Responsibilities
Conflicts of interest exist and may arise in the future as a result of the relationships among us, Atlas and our and their respective general partners and affiliates.
Our general partner is controlled by Atlas America. Accordingly, Atlas America has the ability to elect, remove and replace the directors and officers of our
general partner. Similarly, through its indirect control of the general partner of Atlas, Atlas America has the ability to elect, remove and replace the directors and
officers of the general partner of Atlas.
Our general partner and its directors and officers have fiduciary duties to manage our business in a manner beneficial to us and our partners. At the same time,
Atlas’ general partner and its directors and officers have fiduciary duties to manage Atlas’ business in a manner beneficial to Atlas and its partners, including us.
Certain of the executive officers and non−independent directors of our general partner also serve as executive officers and directors of the general partner of
Atlas. Consequently, these directors and officers may encounter situations in which their fiduciary obligations to Atlas, on the one hand, and us, on the other
hand, are in conflict.
The board of directors of Atlas’ general partner or its conflicts committee will resolve any conflict between us and Atlas. The board of directors of our general
partner or its conflicts committee will resolve any conflict between us and the owners of our general partner and their affiliates. The resolution of these conflicts
may not always be in our best interest or that of our unitholders. For a more detailed description of the conflicts of interest involving us and the resolution of
these conflicts, please read “Conflicts of Interest and Fiduciary Duties.”
Our partnership agreement limits the liability and reduces the fiduciary duties owed by our general partner to our unitholders. Our partnership agreement also
restricts the remedies available to unitholders for actions that might otherwise constitute breaches of our general partner’s fiduciary duties owed to unitholders.
By purchasing our units, you are treated as having consented to various actions contemplated in the partnership agreement and conflicts of interest that might
otherwise be considered a breach of fiduciary or other duties under applicable state law. Please read “Conflicts of Interest and Fiduciary Duties—Fiduciary
Duties” for a description of the fiduciary duties imposed on our general partner by Delaware law, the material modifications of these duties contained in our
partnership agreement and certain legal rights and remedies available to unitholders.
If a business opportunity in respect of any business activity in which Atlas is currently engaged is presented to us, our general partner or Atlas or its general
partner, then Atlas will have the first right to pursue such opportunity. Pursuant to an omnibus agreement to be entered into in connection with the closing of this
offering, we will agree to certain business opportunity arrangements to address potential conflicts that may arise between us and Atlas. For more information,
please read “Conflicts of Interest and Fiduciary Duties.”
For a description of our other relationships with our affiliates, please read “Certain Relationships and Related Party Transactions.”
15
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
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Summary Historical Consolidated and Pro Forma Financial Data
We were formed in December 2005 and therefore do not have any historical financial statements. Since we will own and control Atlas Pipeline GP, the general
partner of Atlas, the historical financial statements presented below are of Atlas Pipeline GP, on a consolidated basis, including Atlas.
The historical financial data of Atlas Pipeline GP were derived from audited consolidated financial statements for each of the years ended December 31, 2002,
2003 and 2004 and at December 31, 2003 and 2004, which have been audited by Grant Thornton LLP, an independent registered public accounting firm. The
financial data for the nine months ended and at September 30, 2004 and 2005 were derived from unaudited consolidated financial statements of Atlas Pipeline
GP.
We have also included unaudited pro forma financial data that reflects historical results of Atlas Pipeline GP as adjusted on a pro forma basis to give effect to
Atlas’ April 2004, July 2004, June 2005 and November 2005 offerings of common units, the issuance of Atlas’ $250 million of 8.125% senior unsecured notes,
the completion of the NOARK acquisition and the acquisitions of Spectrum Field Services, Inc., which we refer to as Spectrum, and Elk City, and this offering.
The summary unaudited pro forma balance sheet information reflects the following transactions as if they occurred as of September 30, 2005:
• the NOARK acquisition, which occurred on October 31, 2005, for consideration of $165.3 million, including estimated transaction costs plus $10.2
million for working capital adjustments, and the redemption of the portion of the NOARK 7.15% notes severally guaranteed by Atlas Arkansas;
• the amendment of Atlas’ credit facility, which occurred on October 31, 2005, and borrowings under it to finance the NOARK acquisition;
• Atlas’ public offering of 2,700,000 common units, which was completed in November 2005, and 330,000 additional underwriter option units, which
was completed in December 2005, each at a public offering price of $42.00 per common unit, the net proceeds of which were principally used to repay
indebtedness under its credit facility incurred in connection with the NOARK acquisition;
• Atlas’ issuance of $250.0 million of 8.125% senior unsecured notes in a private placement on December 20, 2005, the net proceeds of which were
principally used to repay indebtedness under its credit facility; and
• this offering and the application of the net proceeds as described under “Use of Proceeds.”
The unaudited pro forma statement of income information for the year ended December 31, 2004 reflects the following transactions as if they occurred as of
January 1, 2004:
• Atlas’ public offering of 750,000 common units, which was completed in April 2004 at a public offering price of $36.00 per common unit, the net
proceeds of which were used principally to repay indebtedness under Atlas’ then existing credit facility;
• the Spectrum acquisition, which occurred in July 2004, for total consideration of $141.6 million, including the payment of income taxes due as a result
of the transaction and other related transaction costs;
• Atlas’ public offering of 2,100,000 common units, which was completed in July 2004 at a public offering price of $34.76 per common unit, the net
proceeds of which were used principally to repay indebtedness incurred in connection with the Spectrum acquisition;
• the Elk City acquisition, which occurred in April 2005, for total consideration of $196.0 million, including related transaction costs;
16
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
29. Back to Contents
• the closing of Atlas’ $270.0 million credit facility, which occurred in April 2005, and borrowings under it to finance the Elk City acquisition and repay
amounts outstanding under Atlas’ previous credit facility;
• Atlas’ public offering of 2,300,000 common units, which was completed in June 2005 at a public offering price of $41.95 per common unit, the net
proceeds of which were used principally to repay indebtedness incurred in connection with the Elk City acquisition;
• the NOARK acquisition, which occurred on October 31, 2005, for consideration of $165.3 million, including estimated transaction costs, plus $10.2
million for working capital adjustments, and the redemption of the portion of the NOARK 7.15% notes severally guaranteed by Atlas Arkansas;
• the amendment of Atlas’ credit facility, which occurred on October 31, 2005, and borrowings under it to finance the NOARK acquisition;
• Atlas’ public offering of 2,700,000 common units, which was completed in November 2005, and 330,000 additional underwriter option units, which
was completed in December 2005, each at a public offering price of $42.00 per common unit, the net proceeds of which were principally used to repay
indebtedness under its credit facility incurred in connection with the NOARK acquisition;
• Atlas’ issuance of $250.0 million of 8.125% senior unsecured notes in a private placement on December 20, 2005, the net proceeds of which were
principally used to repay indebtedness under its credit facility; and
• this offering and the application of the net proceeds as described under “Use of Proceeds.”
The unaudited pro forma statement of income information for the nine months ended September 30, 2005 reflects the following transactions as if they occurred
as of January 1, 2005:
• the Elk City acquisition, which occurred in April 2005, for total consideration of $196.0 million, including related transaction costs;
• the closing of Atlas’ $270.0 million credit facility, which occurred in April 2005, and borrowings under it to finance the Elk City acquisition and repay
amounts outstanding under Atlas’ previous credit facility;
• Atlas’ public offering of 2,300,000 common units, which was completed in June 2005, at a public offering price of $41.95 per common unit, the net
proceeds of which were principally used to repay indebtedness incurred in connection with the Elk City acquisition;
• the NOARK acquisition, which occurred on October 31, 2005, for consideration of $165.3 million, including estimated transaction costs plus $10.2
million for working capital adjustments, and the redemption of the portion of the NOARK 7.15% notes severally guaranteed by Atlas Arkansas;
• the amendment of Atlas’ credit facility, which occurred on October 31, 2005, and borrowings under it to finance the NOARK acquisition;
• Atlas’ public offering of 2,700,000 common units, which was completed in November 2005, and 330,000 additional underwriter option units, which
was completed in December 2005, each at a public offering price of $42.00 per common unit, the net proceeds of which were principally used to repay
indebtedness under its credit facility incurred in connection with the NOARK acquisition;
• Atlas’ issuance of $250.0 million of 8.125% senior unsecured notes in a private placement on December 20, 2005, the net proceeds of which were
principally used to repay indebtedness under its credit facility; and
17
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
30. Back to Contents
• this offering and the application of the net proceeds as described under “Use of Proceeds.”
Elk City’s historical fiscal year ended August 31, 2004 is not within 93 days of our fiscal year end. Accordingly, for pro forma purposes, statement of income
information for the year ended December 31, 2004 is based on Elk City’s historical financial results for the twelve months ended November 30, 2004 and was
created by subtracting the quarter ended November 30, 2003 from Elk City’s income statement for the year ended August 31, 2004 and adding the quarter ended
November 30, 2004. For our pro forma statement of income information for the nine months ended September 30, 2005, we included Elk City’s income
statement for the three months ended February 28, 2005. Elk City was included within our historical results for the nine months ended September 30, 2005 from
its date of acquisition on April 14, 2005.
The unaudited pro forma balance sheet and the pro forma statements of income were derived by adjusting the historical financial statements of Atlas Pipeline GP.
However, we believe that the adjustments provide a reasonable basis for presenting the significant effects of the transactions described above. The unaudited pro
forma financial data presented are for informational purposes only and are based upon available information and assumptions that we believe are reasonable
under the circumstances. You should not construe the unaudited pro forma financial data as indicative of the combined financial position or results of operations
that we, Atlas Pipeline GP, Atlas, Spectrum, Elk City and NOARK would have achieved had the transactions been consummated on the dates assumed.
Moreover, they do not purport to represent our, Atlas Pipeline GP’s, Atlas’, Spectrum’s, Elk City’s or NOARK’s combined financial position or results of
operations for any future date or period.
The financial data below should be read together with, and are qualified in their entirety by reference to, Atlas Pipeline GP’s historical consolidated and pro
forma combined financial statements and the accompanying notes, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”
and the historical consolidated financial statements and the accompanying notes of Spectrum, Elk City and its predecessor and Enogex Arkansas Pipeline, each
of which is set forth elsewhere in this prospectus. The pro forma data are not necessarily reflective of what our results would actually have been had the
transactions actually occurred on the indicated date, nor do they reflect what may actually occur in the future.
18
Source: Atlas Pipeline Holdi, S−1, January 12, 2006
31. Back to Contents
Pro Forma, as adjusted
Nine
Nine Months Year Months
Ended Ended Ended
Years Ended December 31, September 30, December 31, September 30,
2002 2003 2004(1) 2004(1) 2005(2) 2004 2005
(unaudited) (unaudited)
(dollars in thousands)
Statement of income data:
Revenue:
Natural gas and liquids $ — $ — $ 72,109 $ 30,048 $ 218,268 $ 331,119 $ 301,362
Transportation and compression 10,660 15,651 18,800 13,344 16,501 40,283 31,630
Interest income and other 7 98 382 282 352 711 496
Total revenue and other income 10,667 15,749 91,291 43,674 235,121 372,113 333,488
Costs and Expenses:
Natural gas and liquids — — 58,707 24,588 184,578 286,828 261,794
Plant operating — — 2,032 931 7,242 9,105 8,605
Transportation and compression 2,062 2,421 2,260 1,709 2,169 6,694 5,716
General and administrative 1,482 1,662 4,642 2,901 9,127 10,378 11,544
Depreciation and amortization 1,475 1,770 4,471 2,132 8,495 16,803 12,809
Loss (gain) on arbitration settlement, net — — (1,457) 2,987 138 (1,457) 138
Interest 250 258 2,301 1,202 8,478 26,385 20,059
Minority interest in Atlas (3) 2,496 5,066 10,941 3,300 7,240 11,370 5,921
Minority interest in NOARK (4) — — — — — 492 440
Other — — — — — 555 —
Total costs and expenses 7,765 11,177 83,897 39,750 227,467 367,153 327,026
Net income 2,902 4,572 7,394 3,924 7,654 4,960 6,462
Premium on preferred unit redemption — — (400) (400) — (400) —
Net income attributable to owners $ 2,902 $ 4,572 $ 6,994 $ 3,524 $ 7,654 $ 4,560 $ 6,462
Balance sheet data (at period end):
Property, plant and equipment, net $ 23,764 $ 29,628 $ 175,259 $ 172,312 $ 304,704 $ 462,626
Total assets 38,151 63,170 234,898 236,178 484,458 722,313
Total debt, including current portion 6,500 — 54,452 60,220 183,645 289,745
Total owners’ equity (deficit) 11,157 15,729 21,405 15,325 (40,880) (40,885)
Other financial data:
Gross margin (5) $ 10,660 $ 15,651 $ 32,202 $ 18,804 $ 50,191 $ 84,574 $ 71,198
EBITDA (6) 7,123 11,666 25,107 10,558 31,867 59,518 45,251
Adjusted EBITDA (6) 7,123 11,666 24,350 13,887 34,814 58,761 48,198
Maintenance capital expenditures $ 170 $ 3,109 $ 1,516 $ 844 $ 1,110
Expansion capital expenditures 5,060 4,526 8,527 3,575 33,409
Total capital expenditures $ 5,230 $ 7,635 $ 10,043 $ 4,419 $ 34,519
Operating data:
Appalachia:
Average throughput volumes (Mcf/d) 50,363 52,472 53,343 52,745 54,804 53,343 54,804
Average transportation rate per Mcf $ 0.58 $ 0.82 $ 0.96 $ 0.92 $ 1.10 $ 0.96 $ 1.10
Mid−Continent:
Velma system:
Gathered gas volume (Mcf/d) — — 56,441 55,580 69,091 54,315 69,091
Processed gas volume (Mcf/d) — — 55,202 54,755 64,581 52,391 64,581
Residue gas volume (Mcf/d) — — 42,659 41,555 52,471 40,702 52,471
NGL production (Bbl/d) — — 5,799 5,916 6,812 5,711 6,812
Condensate volume (Bbl/d) — — 185 204 269 191 269
Elk City system:
Gathered gas volume (Mcf/d) — — — — 242,294 239,804 246,539
Processed gas volume (Mcf/d) — — — — 116,688 120,505 116,304
Residue gas volume (Mcf/d) — — — — 107,182 110,164 106,391
NGL production (Bbl/d) — — — — 5,317 5,331 5,347
Condensate volume (Bbl/d) — — — — 121 108 136
NOARK system:
Average throughput volume (Mcf/d) — — — — — 155,937 163,906
(1) Includes Atlas’ acquisition of Spectrum on July 16, 2004, representing five and one−half months’ operations for the year ended December 31, 2004 and two
and one−half months’ operations for the nine months ended September 30, 2004.
Source: Atlas Pipeline Holdi, S−1, January 12, 2006