Jun. 29, 2010 (Business Wire) -- ATP Oil & Gas Corporation (NASDAQ: ATPG) today announced that it has closed its previously announced $150 million First Lien Senior Secured Term Loan facility. The facility replaces the existing undrawn $100 million revolving credit facility and provides an option to increase the first lien loan by up to an additional $350 million (for a total of $500 million) as the company’s Adjusted Consolidated Net Tangible Assets value grows. The facility matures October 15, 2014 and carries an annual coupon of 11%. Other features include the elimination of financial maintenance covenants and the ability to reinvest within one year 100% of asset sale proceeds into future developments.
About ATP Oil & Gas Corporation
ATP Oil & Gas is focused on development and production of oil and natural gas in the Gulf of Mexico and the North Sea. The company trades publicly as ATPG on the NASDAQ Global Select Market. For more information about ATP Oil & Gas Corporation, visit www.atpog.com.
Forward-looking Statements
Certain statements included in this news release are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. ATP cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those ATP expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to ATP's forward-looking statements is found in our SEC filings.
