Atlas Energy Group, LLC announced that it has entered into an amendment to its First Lien Credit Agreement. The amendment allows for, among other things, the establishment of a Second Lien position. The Company has utilized the Second Lien position to reduce the First Lien position by approximately $36 million, resulting in a First Lien position of approximately $35 million.

Additionally, the First Lien position will now pay a reduced cash interest rate of LIBOR +150 basis points versus the former rate of LIBOR +800 basis points, and also includes an 11% per annum payment "in-kind" feature. The Second Lien position will be accruing its interest payments "in-kind" at a 30% per annum rate, reducing the cash interest burden of the company. The Company was also successful in replacing the existing financial covenants with (i) the requirement that the Company maintain a minimum of $2 million in EBITDA on a trailing twelve-month basis, beginning with the quarter ending June 30, 2016, and (ii) the incorporation into the First Lien Credit Agreement of the financial covenants included in Atlas Resource Partners, L.P.'s credit agreement, beginning with the quarter ending June 30, 2016.

In addition, the Second Lien Credit Agreement requires that the Company maintain an Asset Coverage Ratio of not less than 2.00 to 1.00, beginning with the quarter ending September 30, 2017. The First Lien Credit Agreement and Second Lien Credit Agreement matures on September 30, 2017 and March 30, 2019 respectively, and are subject to an optional 12 month extension, assuming certain conditions are met.