On February 27, 2015, Atlas Energy Group, LLC closed the transaction. The company issued 1,600,000 series A convertible preferred units at a price of $25 per unit for gross proceeds of $40,000,000. The company issued securities in a private transaction exempt from registration under Section 4(2) of the Securities Act of 1933. The company paid dividends at a price of $25 per units. The unit holders are entitled to monthly distributions in cash, at a rate equal to the greater of 10% of the liquidation preference per annum, increasing to 12% per annum, 14% per annum and 16% per annum on the first, second and third anniversaries of the distribution and the monthly equivalent of any cash distribution declared by the company to common unit holders or series A preferred units at a rate equal to 2% of the liquidation preference per annum. The preferred units are convertible into the common units of the company subject to unit holder approval under the New York Stock Exchange rules. The conversion price shall be equal to the greater of $8 per common unit or the lower of 110% of the volume weighted average price for the company's common units on the NYSE over the 30 trading days following the distribution date and $16.00 per common unit. The conversion price will be subject to customary anti-dilution adjustments, including adjustments for unit splits, business combinations, unit dividends and tender offers. In addition, the conversion price for the first month following the distribution will be determined by reference to the volume weighted average price for the company's common units on the NYSE over the first day of regular-way trading following the distribution instead of the volume weighted average price over the first 30 trading days following the distribution. The company may redeem all of the series A preferred units for cash on at least 30 but no more than 60 days' prior written notice for an amount of cash equal to 110% of the liquidation preference, before the one year-anniversary of the distribution or 105% of the liquidation preference, between the one- and two-year anniversaries of the distribution or 100% of the liquidation preference, after the two-year anniversary of the distribution. If the company provides a notice of redemption, then, prior to any such redemption, the company must ensure that the series A preferred unit holders will have an opportunity and right to convert all or a portion of series A preferred units into the company's common units.

The company issued 800,000 units for gross proceeds of 20,000,000 to Leon G. Cooperman, 220,000 units to new investors Solomon Investment Partnership, L.P., Jonathan and Julia Pershan Cohen, Arete Foundation, Endowment Arm each for gross proceeds of $16,500,000, and 48,000 units to Daniel and Jillian Herz, Freddie Kotek each for gross proceeds of $2,400,000.