Houston-based ATP Oil & Gas Corp. has priced a private offering of $1.5 billion of senior lien notes with an annual interest rate of 11.875%.
The company plans to use the proceeds to repay its existing senior secured term loans in full and for general corporate purposes.
The company also plans to enter into a new $100 million senior secured revolving credit facility.
ATP is engaged in the development and production of oil and natural gas in the offshore Gulf of Mexico and the North Sea.
The offering is expected to close April 23.